Effective 1 January 2022, pursuant to the recently amended Federal Tax Code, legal entities, trusts and any legal vehicle or figure incorporated under the laws of Mexico and registered before the Tax Administration Service (SAT) must maintain as part of their tax accounting registries information regarding their beneficial owners. This information must be shared with the SAT upon request jointly with the corresponding procedure implemented in the legal entity to make the corresponding updates. Failure to comply with this information may result in fines of up to two million pesos per beneficial owner.

Rapid business transformation across the globe and shifting international policy are driving significant changes to organizations’ tax exposure, financial resilience, strategy and management. These factors are shaping how companies across every sector approach the future of tax dispute resolution.
Our latest report draws on an independent survey of 1,200 tax leaders in 10 jurisdictions and across six sectors conducted in late 2021 and insights from our tax disputes and international tax teams.

Welcome to our first quarter issue of the Private Wealth Newsletter. Our featured insight for this issue is a discussion of the passage of the Corporate Transparency Act by the United States to introduce federally-mandated beneficial ownership reporting obligations for US corporations and limited liability companies. We also include insights…

Scrutiny by tax authorities can only be expected to intensify because of the pandemic’s impacts on the global economy and tax revenues. As companies themselves recover and reassess their affairs post-pandemic, timely resolution of tax disputes is ever-critical. To help you understand tax dispute resolution options available by jurisdiction, the…

The pandemic declared by the World Health Organization has substantially disrupted Mexico’s economic performance as many activities have been interrupted to prevent the SARS-CoV2 virus (COVID-19) from spreading. The Mexican president will direct government efforts and policies to support the most vulnerable population during this crisis. The president goes on to say that the economic and social panorama of Mexico is encouraging, and the Mexican government is committed to continue investing in projects that generate employment. These include the Mayan Train, the Felipe Ángeles International Airport, the New Dos Bocas Refinery and the Interoceanic Corridor of the Isthmus of Tehuantepec.

Baker McKenzie’s VAT/Indirect Tax Practice presented ‘Digital Services in Latin America,’ on 12 August 2020. This was the second presentation in the International VAT Conference Webinar Series, a global webinar series designed for VAT specialists from all industry sectors that aims to discuss the latest developing trends and hot…

Baker McKenzie’s VAT/Indirect Tax Practice presented ‘Digital Services in Latin America,’ on 12 August 2020. This was the second presentation in the International VAT Conference Webinar Series, a global webinar series designed for VAT specialists from all industry sectors that aims to discuss the latest developing trends and hot topics in the VAT/GST and customs arena.

Read publication We are pleased to enclose the June issue of Tax News and Developments, a publication of Baker McKenzie’s North America Tax Practice Group. This month’s edition features Proposed Regulations on Deductibility of Certain Fines and Penalties and Related Information Reporting Retirement Relief Provisions Accessible to More Taxpayers and…

On April 16th, 2019, the General Guidelines applicable to the regularization program related to the compliance of the obligations set forth under article 18 of the Federal Law for the Prevention and Identification of Transactions with Funds from Illicit Sources (“AML Law”) were published. These guidelines establish the terms that…

The Mexican Federal Revenue Law for the Fiscal Year 2019 (“FRL”) sets forth a voluntary disclosure/amnesty program for persons under the scope of the Federal Law for the Prevention and Identification of Transactions with Funds from Illegal Sources (“AML Law”) that have not complied with obligations triggered from July 1,…