MoneyBack, a Mexico-based tax return service, provides an additional perk for travelers participating in a business meeting, convention or incentives program.
Travelers have the opportunity to receive an 8.9 percent sales tax on purchases made at over 6,000 stores in Mexico City, Los Cabos, Cancun, Puerto Vallarta, Cozumel, Monterrey, Guadalajara, Acapulco, Ixtapa, Loreto and Merida.
Developed by Mexico’s Treasury Department, the tax refund program was created as a way to boost tourism and shopping in Mexico by refunding the value-added tax. It is an additional tax break from the VAT Zero tax incentives Mexico offers meetings and conventions; both are available to U.S. and Canadians. MoneyBack is a service provider that facilitates the steps to obtain the refund.
The purchase must take place at over 6,000 participating stores and be at least 1,200 pesos (around $100.00 USD) and a maximum of 3,000 pesos ($230 USD), when purchasing in cash. There is no limit on credit card purchases. After purchases, shoppers can take their receipt to a MoneyBack office with the shopping incentive refund form, passport, immigration form and boarding pass to be processed. Refunds are made within 45 days and deposited to their credit card.
Meeting Planners can download and distribute the refund forms to include in their welcome kits. In addition, MoneyBack can also join the event’s registration to educate participants on the opportunity