The Mexico-US intergovernmental agreement to implement FATCA requires financial institutions who are located or resident in Mexico such as a banks, asset managers, insurance businesses or fiduciaries (among others) to report financial information on certain accounts owned directly or indirectly by U.S. persons, to the Mexican Tax Authorities (Servicio de Administración Tributaria or SAT).
The filing deadline for the first of these reports was originally set at 31 May 2015, however, the Mexican Tax Authorities have this week announced on their website a revised deadline of 15 September 2015. This will shortly be published in the Official Gazette.
The first FATCA reports must now be submitted by 15 September 2015 and will include information such as:
- Name, address and tax reference number of the client
- Average monthly account balance or value and account number
Both entities and individuals will need to be reported. So, if you have any clients who are a) U.S. individuals; b) U.S. entities; or c) non-U.S. entities controlled by U.S. individuals or U.S. entities (“U.S. clients”), you will need to be ready to report by 15 September 2015.