Mexico: Disclosure of “reportable schemes” and 15 February 2021 deadline

Mexico: Disclosure of “reportable schemes”

At the end of 2020, Mexico put into place a requirement to report certain schemes that result in certain tax benefits.

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The disclosure of reportable schemes (esquemas reportables) includes rules for filing information returns or statements. In general, specific information must be reported including descriptions of the plan, project or proposal as well as the advice, instruction or recommendation related to the reportable scheme (and if the tax advisor or the taxpayer does not have the required information and documentation, this must be stated). Read TaxNewsFlash

A notice from the Secretaría de Hacienda y Crédito Público (SHCP) published in the official gazette on 2 February 2021 provides a minimum threshold of tax benefits under which reportable schemes will not need to be disclosed. Only those schemes that are expected to provide a tax benefit of at least MXN 100 million (approximately U.S. $4.9 million) must be disclosed.

The first deadline to disclose a reportable scheme is 15 February 2021. This deadline applies for those plans implemented before 2020, if resulting in the requisite tax benefits of at least MXN 100 million.

Read a February 2021 report (Spanish) prepared by the KPMG member firm in Mexico

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