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GC Alert | New accounting obligation in order to obtain and maintain the information of controlling beneficiaries

As of January 1st, 2022, as part of the Economic Package for 2022 of the Federal Government, the new accounting obligation related to the concept of controlling beneficiary came into effect, applicable to all legal entities, trustees, settlors or beneficiaries of the Trusts, as well as to contracting parties or members, in the case of any other legal figure.

The foregoing, in addition to the obligation already regulated in article 24, section II, in connection with the provisions of article 3, section III, both of the Federal Law for the Prevention and Identification of Transactions Involving Funds From Illegal Sources.
Pursuant to the provisions of articles 32-B Ter, 32-B Quáter and 32-B Quinquies of the Federal Tax Code (Código Fiscal de la Federación), as well as per rules 2.8.1.20, 2.8.1.21, 2.8.1.22 and 2.8.1.23 of the Tax General Guidelines applicable for 2022, the new obligation for entities consists in obtaining and maintaining, as part of their accounting, as well as to provide to the Tax Administration Service (Servicio de Administración Tributaria), when requested, the reliable, complete and updated information and documents of the controlling beneficiaries. This obligation also applies to Public Notaries, Commercial Brokers and any other person that participates in the incorporation of companies, trusts, and any other legal figure. An example of such information could be reviewed in the following links:

Company
Legal Entity

In case of violating such obligation, fines up to 2 million pesos (100 thousand dollars approximately) per controlling beneficiary could be imposed.

At Gonzalez Calvillo, we remain at your service to resolve any questions in relation to the above.

Click here to read the PDF version.

About Gonzalez Calvillo

For over 30 years, Gonzalez Calvillo has been at the forefront of the legal market in Mexico as a full-service leading law firm due to its transactional core and expertise in a wide range of practice areas. The firm is recognized for its ability to build cross-disciplinary teams for the most complex legal challenges and long track record of successfully providing groundbreaking business and regulatory advice to high-profile domestic and international companies. Often described as a pioneer of the Mexican legal services industry, the firm is known for its commitment to do things differently, bespoke solutions, and creating transformational legal changes that enable clients to achieve their objectives.

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