{"id":230018,"date":"2022-06-15T14:49:36","date_gmt":"2022-06-15T14:49:36","guid":{"rendered":"https:\/\/nra.com.mx\/?p=230018"},"modified":"2022-06-15T14:49:36","modified_gmt":"2022-06-15T14:49:36","slug":"controlling-beneficiary","status":"publish","type":"post","link":"https:\/\/nra.com.mx\/en\/controlling-beneficiary\/","title":{"rendered":"Controlling Beneficiary"},"content":{"rendered":"

As of January 1, 2022, changes in the Federal Tax Code and new rules are incorporated to the Miscellaneous Fiscal Resolution, for a new obligation for legal entities (companies), trusts (fiduciaries, trustors, or trustees), where they must obtain, preserve, verify, and keep updated, the information of their controlling beneficiary(ies<\/u>)<\/strong>. Such information must be available in case the tax authorities require it.<\/p>\n

Compliance with this obligation<\/strong><\/span><\/p>\n

Taxpayers are required to obtain and keep, as part of their accounting, reliable, complete, and updated information related to the controlling beneficiaries.<\/p>\n

This information will only be submitted to the Tax Administration Service (SAT) at the request of the tax authority, for which it will have a term of 15 business days following the date of notification of the request.\u00a0 The term may be extended for 10 more days, by means of an extension request.<\/p>\n

When there are changes in the identity or participation of the controlling beneficiaries, there will be a period of 15 calendar days from the date of modification to update the information.<\/p>\n

Notaries, brokers and any other person intervening in the drafting or execution of contracts or legal acts that give rise to the incorporation of such people or the execution of trusts or any other legal feature, will be obliged when they participate in the attaining of the information to identify the controlling beneficiaries and to adopt reasonable measures to verify their identity, in order to provide it to the Tax Administration Service (SAT) \u00a0when such authority so requires.<\/p>\n

It is provided that this information may be disclosed to foreign tax authorities, upon request and under the protection of an international treaty in force to which Mexico is a party, which contains reciprocal exchange of information provisions.<\/p>\n

The Fiscal Code provides that the Tax Administration Service (SAT) may issue general rules applicable to this provision.<\/p>\n

Concept of controlling beneficiary<\/strong><\/span><\/p>\n

Taking into consideration Article 32-B-QUATER of the Federal Fiscal Code, a controlling beneficiary is defined as an individual that:<\/p>\n

I.\u00a0 Directly or through others, obtains the benefit derived from its participation in a legal entity, a trust or any other legal means, or legal act, or is who or who ultimately exercises the rights of use, enjoyment or disposition of a good or service or on whose behalf a transaction is carried out, even if it is done in a contingent manner.<\/p>\n

II. Directly, indirectly, or contingently, exercise control of the legal entity, trust or any other legal figure.<\/p>\n

It is understood that a natural person or group of natural people exercises control, when through the ownership of securities, they can:<\/p>\n