According to Article 27 of the Federal Tax Code (Código Fiscal de la Federación, “FTC”), legal entities with a tax address in Mexico are required to file a notice in the Federal Taxpayer Registry (Registro Federal de Contribuyentes, “RFC”) providing the name and RFC code of the partners or shareholders every time any modification is made in the capital stock of the company.
The foregoing seeks that the Mexican Tax Administration (Servicio de Administración Tributaria, “SAT”) obtains information to know in real time the shareholding structure of legal entities, with the data of their partners or shareholders. Mainly, if they are registered in the RFC and, subsequently, to know the modifications and additions of those, so that it has updated such information.
In accordance with Miscellaneous Tax Resolution 2.4.19, in force for fiscal year 2020, the notice must be presented within 30 business days of the capital stock being modified and be made through the electronic portal of the SAT, in accordance with procedure 295/CFF.
In accordance with transitory article Forty-Six of the Miscellaneous Tax Resolution, in force for the fiscal year 2020, legal entities that currently have out-of-date information on partners or shareholders in the RFC must file the aforementioned notice on or prior to June 30, 2020, providing current information as of that date.
In accordance to the FTC, failure to file the notice of capital update or to file it late, unless it is filed spontaneously, is sanctioned with a fine. It could also lead to other negative tax consequences.