A change in the date of the 2020 Declaration before the end beneficiaries of corporations

The process is simpler now

Via a ruling from the General Director of the tax office (Tributacion Directa) dated March 30th 2020, new rules apply to the obligation for companies to update on a yearly basis their corporate ownership structure. The rule that mandated an annual declaration be filed every February has been changed to September each year.

The ruling also clarifies that the new system will PRELOAD last year’s declaration (period 2019), allowing it to be a simpler process of mere confirmation of last year’s data. It is important to remember that any owner who has transferred shares or changed the original structure, must declare this change within the following 15 days of the transfer.

Verify the status of your company

The Tax Office has also published a list of non-compliant companies, disclosing at least 81,000 entities did not comply with the original deadline.

Fines are already in effect as of April 1, 2020 and as a single opportunity, for this month of April, those who declare -and pay – will have a 50% reduction in the fine.

Starting May, the fine would range from $2400.00 to $78000.00 USD. In addition, no registration document may be entered for the company in arrears of this obligation.

Take advantage of this opportunity to comply with this procedure.  We stand ready to clarify your doubts in the mail: ablanco@arturoblancolaw.com