Costa Rica: San JoséFlamingo Tamarindo Nosara


Mandatory Shareholder registration can be made until January 31st 2020 without fines

October, 2019

The Tax Office clarifies and ratifies that the first submission and disclosure can be made no later than January 31st2020 without fines or penalties.

'It is because this is the first year of loading information in the system and for the determination of the final beneficiaries it is necessary that all the corporations have made their declaration,' said Giovanni Tencio, director a.i. of the Tax Office (Direccion General de Tributacion).

Therefore, until February 2020, the Tax Administration will initiate the processes to determine which of the corporations are non-compliant and to which they are entitled to impose a penalty.

There are still many legal representatives of corporations that have not obtained their digital signature due to there are no appointments available at the Banks to process all pending issues on time.

It was not until August 2019 that the Tax Office , the Central Bank, and the Costa Rican Institute on Drugs obtained quality certifications for the safekeeping, custody and restricted access to the information of the corporations, which is required by law.
The fines can reach between ¢ 1.3 million and ¢ 45 million for those who fail to comply with the mandatory disclosure procedure.

September 30, 2019 was the first deadline for a series of companies and legal structures to carry out the transparency and final beneficiaries registry, according to the last digit of their ID card expires.

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