Costa Rican authorities amend Joint Resolution for Transparency and Beneficial Owner Register

On 22 March 2023, the Tax Authority and the Costa Rican Institute on Drugs (in Spanish, “Instituto Costarricense sobre Drogas”) published a resolution in the Official Gazette modifying several provisions of the Joint Resolution for the Transparency and Beneficial Ownership Register.

According to the amendments, legal entities required to submit information to the Transparency and Beneficial Ownership Register may now correct inaccuracies in the information submitted, once for both the ordinary or the extraordinary return within the current year. Previously, the Joint Resolution limited the term to correct inaccurate information to one calendar month following the submission of the return.

The published resolution also provides – for this year only – that legal entities and trusts required to file the ordinary return for 2023, may do so from 1 May 2023 through 30 June 2023. For subsequent years, the ordinary returns must be submitted in April of each year.

The Resolution entered into force after its publication in the Official Gazette.

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

Ernst & Young, S.A., San José, Costa Rica

• Rafael Sayagués

• Randall Oquendo

• Daniel Quesada

Ernst & Young LLP (United States), Latin American Business Center, New York

• Lucas Moreno

• Ana Mingramm

• Pablo Wejcman

• Enrique Perez Grovas

Ernst & Young LLP (United Kingdom), Latin American Business Center, London

• Lourdes Libreros

Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific

• Raul Moreno, Tokyo

• Luis Coronado, Singapore

For a full listing of contacts and email addresses, please click on the Tax News Update: Global Edition (GTNU) version of this Alert.