2024 is just around the corner and it is worth remembering that as of January 1, 2024, BOI (Beneficial Ownership Information) reporting will come into effect in the United States (US), which virtually all companies (there are some exceptions) will be required to report.
The inclusion of this new regulation in the US legislation came into force also in response to anti-money laundering regulations. Through transparency, the aim is to combat tax evasion, money laundering and the financing of terrorism.
The United States of America officially joins hundreds of other countries in demanding corporate transparency through the collection of information on controlling beneficiaries, where Mexico is already included, and as a result of the tax reforms for the 2022 fiscal year, the obligation to perform the analysis of the Controlling Beneficiaries (CB) was included.
This report is very important as it can result in fines of up to 10,000 USD and 2 years in jail for those who fail to file in a timely manner.
In that order of ideas, it will be important for U.S. corporations to homologate the information to be presented in the BOI report with that contained in the Defense file of the controlling beneficiary of their related parties in Mexico, mitigating any administrative risk.
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