¡Feliz Año Nuevo a todos! If you were among the fortunate 100 members attending the VYC New Year’s Evening dinner party, you know we all shared a fantastic time to welcome the New Year. Cocktails began at 8:00 pm and the live band started promptly at 8:15. Within 30 seconds, the dance floor filled with enthusiastic revelers. And, stayed full until 9:00 when the band laid their instruments aside and the Club’s wait staff quickly brought out two of the three course dinner. After a splendid “surf and turf “bit of nourishment, the band returned, chairs were emptied and the dance floor once again erupted; and stayed so right up to the final countdown to midnight. I also observed that the number of members having Thanksgiving and Christmas Eve dinner was twice that of previous year!
As I noted in last October’s Commodore’s Corner, our Club being recognized by the Mexican government as a “Sports Association” entitles us to various tax breaks. One of which is the exemption from any income tax. Obviously, this is rather meaningless to VYC on an annual basis, but, because Mexico tax law requires full tax reporting on a monthly basis which would seriously negatively effect our cash flow during the high season.
The other significant tax benefit is the exemption for IVA taxation on Dues and Donations. Although we are not a designated “Donatario” that can offer a personal tax deduction, we now do exempt our members from IVA tax on dues and donation payments, I am sure you remember that from January 1st of 2016 a 16% tax was applied to all dues and donations (as well as all purchases for goods and services). And, we were required to file these “end user” funds with our tax returns. Beginning in August we acted upon legal and accounting advise that we were no longer subject to IVA taxation on dues and donations. However, we decided to continue applying the 16% IVA as a precaution that the SAT (Mexican IRS) might disagree with our exemption. At the end of January, 2017 we will have had six months of tax filings without any comment from the SAT. Much more on this and other subject matter will be presented at this year’s Annual General Meeting.
I would be remiss if I didn’t warn you to be prepared to have loads of fun both Ashore and on the water during the remainder of the high season. Catch it all on the Club’s website. And, make sure you are receiving the Vallarta Yacht Club Bay Calendar every week reminding us of what is ahead for the next two weeks.
"Read More" para espaniol