MEDC trains entrepreneurs to obtain tax savings

The McAllen Economic Development Corporation (MEDC, for its acronym in English) offered a workshop in February for companies and industries in the Valley of Texas, United States, in order to publicize and update knowledge related to freeport ( exemption of free port) that applies to companies that export.
The exemption has currently resulted in million-dollar savings annually, with more than 100 companies benefiting only in the Texas Valley, MEDC said.
The respective updates on tax matters for this 2023 were included in the workshop and it was explained that the exemption of Puerto Libre is part of the clauses for the payment of taxes related to exports that are not related to oil, natural gas and its derivatives. Freeport
-eligible inventory includes property held in Texas for assembly, storage, manufacturing, processing, or manufacturing purposes. During the workshop, the businessmen obtained a guide on the steps to follow to claim their taxes, which must be made between January 1 and April 30, since there is currently no provision to approve requests outside of time.

The claim process is based on the Freeport Exemption Request, Documentation Request Form submission, Port Exemption Documentation Affidavit, and Port Worksheet.

The delivery form, the MEDC noted , must be completed by April 15 to consider the port request.
All inventory eligible for the freeport exemption must be transported to destinations outside of Texas no later than 175 days after the date of acquisition or importation into Texas. 
Within the knowledge that was imparted, emphasis was placed on updating the topic that must be carried out every year, due to the changes made by the State.