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.
