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Implementation of UBO identification requirements in Mexico
The Mexican Tax authorities introduced a requirement for companies to identify and maintain information about their Ultimate Beneficial Owners (“UBO”). Companies owned by listed entities are not currently automatically exempted from the requirements. Although there are currently no filing requirements and no deadline to compile this information, Tax authorities may request companies to submit the UBO information. Following these requests, companies will have 15 days to produce the information requested, failing which they may be liable to fines of up to USD 75,000.
