ON THE NEW TAX LAW – ISSUANCE OF THE BYLAW
The National registry has finally issued the decree that regulates the payment of the corporate taxes.
Currently all registered corporation will have to pay a CORPORATE TAX which does make a difference if a corporation is recorded as an inactive corporation (67612.50 colones or @$135.00) and the Active corporations that pay @ $263.00 or 132225 colones). The status of active or inactive corporation is determined by the tax authorities.
Payment is to be done electronically using a Banco de Costa Rica account or payment before any Banco de Costa Rica agency.
The tax is to be paid without penalties during all April. The system does not allow to pay additional years in advance.
Closing the corporation: It is possible to dissolve the corporation via an assembly carried out by all the stock holders of the company, and transfer any asset recorded any the corporation to another company or to the individuals-as agreed in this assembly and the signature of the new owner is to be recorded in a public deed, so physical presence in Costa Rica is required.
For the following 3 months, such dissolutions exclude the payment of the tax and allows NOT to pay the transfer taxes.
As a service to my clients, I can pay the tax for you but please note that the charge for this is $50.00 and unless you had an active escrow account, the local banks charge $25.00 to receive a wire from abroad.
As I had explained earlier, If that tax is not paid for 3 consecutive years the Public Registry of Costa Rica will dissolve the corporation and the debts will be attached to the property or recorded asset owned by the corporation. Furthermore the National registry will not record any recordable document unless the tax has been paid.
I hope this clarifies how the local authorities are starting to apply the new corporate tax law.
Arturo Blanco esq.