Mexico: Country-by-country reporting, CRS proposals

Proposals in Mexico

As part of the economic package presented on 8 September 2015 to the Mexican Congress by the Executive Branch, there are proposals that reflect initiatives of the Organisation for Economic Cooperation and Development (OECD). The proposals in Mexico would align certain tax provisions with international trends—specifically, the proposals for country-by-country reporting and common reporting standard (CRS).

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Country-by-country reporting

The country-by-country reporting proposals generally follow the OECD’s base erosion and profit shifting (BEPS) Action 13, and in Mexico, would add article 76-A to the Mexican income tax law.  This would apply to taxpayers that, among other items, in the prior tax year, reported profits equal to or greater than approximately MX $645 million (about U.S. $38.6 million); that apply for the “optional regime” for corporate groups; or are foreign legal entities with permanent establishments in Mexico. Read about the country-by-country reporting proposals in TaxNewsFlash-Transfer Pricing.

CRS

The CRS proposals would provide rules and requirements for financial institutions or legal entities in Mexico to share certain financial information. Read about the CRS proposals in TaxNewsFlash-FATCA.

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