The Executive Branch’s economic package, filed 8 September 2015 with the Mexican Congress, includes proposals to require financial institutions to comply with the rules for automatic exchange of information (AEoI) and the Common Reporting Standard (CRS). This proposal would be in the form of an amendment to Mexico’s tax law.
The proposals introduced to the legislature include, among other items, terms and procedures for financial institutions and other affected entities to follow in order to be compliant with AEoI and CRS rules. Penalty provisions are also included.
In general, the proposals reflect the fact that Mexico, like other countries, is undertaking efforts to counter tax evasion. Mexico is one of the 90 countries and jurisdictions that have committed to implementing this standard.
For more information, contact a tax professional with KPMG’s Mexico Tax Center:
José Manuel Ramirez | firstname.lastname@example.org
Or contact a tax professional with the KPMG member firm in Mexico:
Catherine Thibault | email@example.com
Jorge Zamudio | firstname.lastname@example.org
Ana Carolina Dominguez | email@example.com
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