Mexico Intergovernmental Agreement - 30/11/2012
Mexico Intergovernmental Agreement
On 19 November, Mexico and the United States signed an Intergovernmental Agreement (“IGA”) to improve international tax compliance including with respect to FATCA.
Annex II of the Agreement identifies the Mexican Government, the Central Bank of Mexico and certain Mexican pension funds as Exempt Beneficial Owners. The category of Deemed-Compliant entities under Annex II includes certain exempt organizations, certain trusts (“fideicomisos”) including those acting solely as escrows and those with only real property assets, and certain collective investment vehicles. Deemed-Compliant status for local FFIs was not included in this IGA. Lastly, Annex II declares personal retirement plans, insurance premiums for retirement and pension funds as Exempt Products.
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