Businessmen Yield Over Shareholder Registry

The main private sector union in Costa Rica has agreed to form a technical team together with the government to create a database of corporate shareholders.

Tuesday, March 1, 2016

The Costa Rican Union of Chambers and Associations of Private Enterprise (Uccaep) agreed with the Government of the Republic to form a team (including tax and computer experts) to assess the conditions for creating a database of shareholders, reported

See also: "Costa Rica: Shareholder Register Will Be Mandatory"

The decision of the union led by its president, Ronald Jimenez, created an uproar on the bench of the Libertarian Movement (LM) party, which requested "... very respectfully for Mr. Jimenez Lara to separate himself from the representation of private entrepreneurs in negotiations with the Government of the Republic in light of a clear conflict of economic interests with his representation, " according to statements released by deputy Otto Guevara to The LM considers the Uccaep "... has swerved in their positions on the proposal of shareholder registration and tax projects. "

See also: "OECD Insists on Shareholders Registry"

The Uccaep said in a statement that "... the agreements that were made in relation to tax matters have been collegial. In the case of the fiscal situation, the Board of Directors composed of 24 presidents of chambers of commerce, unanimously agreed to initiate discussions on issues related to revenue, expenditure and fiscal rules with the government."

See also: "Companies vs. Government Over Shareholder Registry"

"... In the case of a database of shareholders, the Political Committee Prosecutor, composed of more than 10 directors plus tax experts from several chambers, agreed unanimously to negotiate the participation of the UCCAEP in a technical team to define a safe and reliable way to create it in Costa Rica. This agreement was made public by the deputy Otto Guevara. We reiterate that both agreements are collegial and unanimous ".

More on this topic

Shareholder Registration Postponed

February 2019

Because of doubts that have arisen in the business sector, in Costa Rica it was reported that the start of shareholder registration was postponed six months and will enter into force on September 1 of this year.

The aim of this process is to facilitate compliance with the obligation that companies must inform the Treasury on the composition of its share capital, as well as the identification of final beneficiaries, under the provisions of the Law to Improve the Fight against Tax Fraud, a statement from the Central Bank of Costa Rica (BCCR).

Costa Rica: Entrepreneurs Distance Themselves From Main Union

March 2016

Traders, industrialists and entrepreneurs in the agro sector disagree with the position of the main private sector union over the negotiation of new taxes.

Three business unions have ratified their opposition to new taxes in Costa Rica and have made known their total lack of empathy with the way the Uccaep, an organization that unites most of the unions in the private sector, has dealt with the Solis administration over tax issues, the negotiation of a shareholder register proposed by the government and other aspects related to the fiscal problems affecting the country.

Costa Rica: Shareholder Register Will Be Mandatory

January 2016

An appeal by the private sector has been rejected and the Treasury will be able to require large taxpayers to be included in the AMPO system which contains information deemed sensitive.

From a statement issued by the Ministry of Finance:

The Ministry of Justice has finally decided in favor of the Tax Administration, in the process that the Chamber of Food Industry and several coadjuvants filed against the Scheduled Analysis Multifunctional and Target tool (AMPO).

Companies vs. Government Over Shareholder Registry

January 2016

In Costa Rica the private sector claims that the Ministry of Finance is not telling the truth when it there is an essential need to create a register of shareholders under its control in order to comply with the OECD.

From a statement issued by the Costa Rican Union of Chambers and Associations of Private Business Sector (UCCAEP):

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