Costa Rica News – The Ministry of Finance will help 22 large companies present their losses for the last three fiscal periods. This “help,” of course, is to oversee with some control, to make sure they are not committing tax fraud.
Income tax is only paid when the company has a profit. If they are losing money, there is no money gained, and thus no money to pay taxes with, or so many businesses claim.
The thing is that businesses are made to make money. They are not made for people’s pleasure or as a place to practice hobbies. So, if they are losing money year after year, questions start to arise. Why are they always losing money and still open?
New rules state that companies should be audited once in three fiscal periods. This audit will include checking their accounting documents against their tax ones.
Their is a worldwide crisis of companies claiming more expenditures than income.
There are three new cases in Costa Rica that total an alleged tax evasion of 4,623 million colones or about $8.5 million.
