Dear Friends and Customers
Happy New Year!
This new year has brought with it certain obligations that must be fulfilled to maintain the good condition of your companies in Costa Rica.
- THIS APPLIES TO ALL PAST AND PRESENT CLIENTS WITH CORPORATIONS.
- Number 4 Listed below is NEW and it applies to ALL INACTIVE CORPORATIONS THAT ARE USED TO HOLD REAL ESTATE.
Some of those obligations are as follows:
1. Tax on Legal Entities
This is the annual tax that must be paid by all companies and legal entities duly incorporated in the country, being active or inactive; payment must be made during the month of January 2022. The amount to be paid will depend on whether the company is active or not; it will be between $120 and $400 per year depending on the above conditions. The late payment of the tax generates as penalty not only the payment of interests, but the impossibility for the registration of documents before the National Registry.
2. Stamp of Education and Culture
This is an annual tax that must be paid by all companies and legal entities in the country during the month of January of each year, which is calculated based on the company's share capital; the amount is approximately of $20 per year. Late payment of the tax results in interest payments.
3. Shareholders' Registry
This obligation must be fulfilled during April 2022. By this declaration companies will have to indicate who, up to the level of natural person, are the final beneficial owners of those entities. The process must necessarily be done with digital signature by the Central Bank of Costa online platform. The record is confidential.
Failure to comply with this obligation may result in the collection of fines as well as the inability to register documents before the National Registry.
4. Filing for the first time of income statement (D-101) for inactive companies
This is an obligation established by the CR Tax Authorities since 2021, but it was not until this month of January we have available the form for that purpose. Not only active companies (those with economic activity) but also inactive companies (that do not carry out economic activity, just simple holders of assets) will be obliged to file an income tax return (D-101). Deadline for this obligation is March 15 of each year. Information on assets, liabilities and capital stock must be included.
5. Property Tax – Payable to the MUNICIPALITIES
We also take the opportunity to remind you of the payment of property tax, which is paid quarterly (or annually) until March 31 of each year.
QUESTIONS OR CONCERNS?