Costa Rica News – No more hiding from paying your taxes in Costa Rica at least for corporations.
The Directorate General of Taxation, from the Ministry of Finance, is once again trying to create a record of each and every business owner in the country. You’d think they’d have already had this from whenever each person opened the business but that is not the case.
An executive order will be published in La Gaceta and from that day anyone can submit a comment for the next 10 business days. What the order will say is that each corporation must state their date of incorporation, shareholders’ names and ID numbers, number of shares held by each, their date of acquisition and their value in colones.
They tried to do the same back in February 2014 but it was unsuccessful. The purpose behind wanting this information is to verify that all transfer taxes have been paid as well as to meet international standards of fiscal transparency.
There is the potential for massive information crossing which makes some feel that their information will not be secure. Some argue that Taxation already has mechanisms to review shareholders books so why is it necessary to share the data in a way that lacks confidentiality?
