They Endanger Their Operation for Not Reporting Shareholders to the SAT

Tax attorney Mario Barrera was cited in a Reforma article explaining the obligation to report information about controlling beneficiaries to Mexico's Tax Administration Service (SAT). Since 2022, companies and trustees have had to share detailed information about their controlling beneficiaries, and recently, the country's Supreme Court of Justice (SCJN) declared that it is constitutional for the SAT to request this information from taxpayers. Mr. Barrera "said that companies should be ready to comply because at the time the SAT solicits the information, they have little time to deliver it, and if they fail to do so, they can be penalized with fines of up to 2 million pesos, applicable if it is not presented."

READ: They Risk Their Operation for Not Reporting Shareholders to the SAT (Subscription required)