Global Tax Alert (News from Americas Tax Center) | 11 February 2014

Costa Rican Tax Authorities expected to issue a resolution requiring registered companies to disclose shareholder names

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It is expected that the Costa Rican Tax Authorities will issue a resolution requiring companies registered with the local mercantile registry to submit an annual information return identifying their shareholders’ names, including their ID or corporate ID number, as the case may be.

The resolution is currently in draft form and is expected to be issued shortly.

Based on the draft resolution, the first information return would have to be submitted between 20 February 2014 and 28 February 2014. Failure to comply with this filing obligation would subject noncompliant companies to a fine of up to 2% of their gross income1 for the tax year preceding the infraction.

A Tax Alert will announce when the resolution is published in the Official Gazette.

Endnote

1. The fine would be capped at 100 base salaries, i.e., approximately US$75,000.

For additional information with respect to this Alert, please contact the following:

Ernst & Young, S.A., San José, Costa Rica
  • Rafael Sayagues
    +506 2208 9880
    rafael.sayagues@cr.ey.com
  • Alexandre Barbellion
    +506 2208 9800
    alexandre.barbellion@cr.ey.com

EYG no. CM4173