Mexico’s Tax Authority Cracks Down: Shareholders Must Submit Reports by March 31st
===========================================================
In a move to boost transparency and compliance, Mexico’s tax authority has issued a stern warning to shareholders and partners of companies with foreign investments. As of March 31st, those entities must submit an annual report detailing personal information about their shareholders or partners, including details on where they pay taxes.
What’s Required
Companies that meet certain criteria, such as changes in their corporate name, tax domicile, or business activities, must submit annual and quarterly reports to the National Registry of Foreign Investments (RNIE). These reports must include:
- Information on the company’s capital stock and shareholding structure
- Details on any movements exceeding MXN 20 million
Other Compliance Requirements
In addition to submitting reports, companies with foreign investments must also meet a range of other compliance requirements, including:
- Renewing their employer registration with immigration authorities
- Reviewing and modifying internal labor policies to ensure they are in line with Mexican labor law
- Preparing labor contract addendums for any changes in employee working conditions
- Ensuring data protection and intellectual property policies are up-to-date and compliant with regulations
- Renewing leases on company property and providing accurate information to banks
Common Questions
To help businesses navigate these complex compliance requirements, Biz Latin Hub has put together a list of common questions and answers. Some of the most frequently asked questions include:
- What are the statutory appointments required for a company in Mexico?
- Is a registered office address necessary for all entities in Mexico?
- When must an Ordinary Shareholders Meeting be held in Mexico?
Get Expert Help
At Biz Latin Hub, we understand that navigating financial regulatory compliance in Mexico can be complex and time-consuming. Our team of experts is here to help you navigate the process with ease. Contact us today to learn more about how we can support your business.
Disclaimer
The information provided here is for informative purposes only and may not capture all pertinent laws, standards, and best practices. The regulatory landscape is continually evolving; information mentioned may be outdated and/or could undergo changes.