In its first debate, the file 21,758 Law of Moratorium for the Application of Sanctions corresponding to the ordinary declaration of the 2019 period, related to the transparency and final beneficiaries’ registry, provided for in the Law to Improve the Fight against Tax Fraud, was approved. The initiative gives an extension for shareholders of corporations to submit their lists, before applying sanctions, reported the Legislative Assembly.

See "Shareholders Registry: Projecting Backlogs in Costa Rica"

Pablo Heriberto Abarca, deputy of the Christian Social Unity Party (PUSC), explained to Crhoy.com that "... the moratorium will only be applied to the sanctions and not to the procedure. Thus, the moratorium will be for 60 calendar days, 50% of the fine will be applied from 60 to 90 days and 100% of the penalty will be applied from 90 days on."

He added that "... The moratorium does not exempt the person obliged to make the ordinary declaration of the period 2019 from the registry of Transparency and Final Benefits."

The deadline for submitting the declaration, which is new for company owners, expires next Friday, January 31.

Source: Crhoy.com

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