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More than 50 countries will inform Mexico about Mexican deposits on their banks

- They will contribute with names, addresses, identification numbers, account numbers, balances, interests and profits.
- The Administrative Tax System (SAT) signed a multilateral agreement of financial and fiscal information exchange

El universal / Juan Luis Cornejo 29/10/2014

alcalorpolitico.com

The Administrative Tax System (SAT in spanish) will be able to request information of Mexican residents that have bank accounts abroad, after signing a multilateral agreement of financial of financial and fiscal information exchange with more than 50 countries.


Through a statement, SAT confirmed the signing of the multilateral agreement between authorities which would let Mexico exchange in an automatic and reciprocal information with countries like Germany, Spain, France, Italy, Ireland, Luxembourg and the United Kingdom.
 
From this agreement, fiscal administrations will provide yearly and automatically information regarding the bank accounts that Mexican residents have in other countries.
 
The first delivery will be done on September of 2017 and it will include data like: names, addresses, identification numbers, dates and born cities, account numbers, balances, interests and profits after sells of financial actives.
 
On October 15th, SAT director, Aristoteles Nuñez, said that this agreement was going to be signed, and it was going to function in a similar way the agreement with the United States (FATCA).

The official tax collector signed the new multilateral agreement during the Seventh Reunion of the Global Forum of Transparency and Tax Information Exchange, held in Berlin, Germany.

During June of 2013, Luis Videgaray, official of the SHCP, officially requested in front of the “G5”, formed by the United Kingdom, Germany, Italy, France and Spain, that Mexico should be considered within the group of the standard model design of automatic exchange of tax information.
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