Costa Rica: Constitutional Approval for Shareholder Registery

The Constitutional Court notes that the bill against tax fraud which aims to create a register of shareholders and preventive asset freezing, "contains no substantive defects".

Friday, October 28, 2016

From a statement issued by the Constitutional Court:

Through judgment No. 2016-15712 15:50 hrs. of October 27, 2016, the Constitutional Court ruled on the Legislative Consultation put forward by several Members on the Bill to improve the fight against tax fraud.

The Chamber found that the project does not contain defects in its foundations, except with respect to the proposed amendment to Article 195 of the Code of Tax Rules and Procedures, which is constitutional, provided that it is interpreted that, in light of the established notification therein, the entry of the tax debt in the property registered in the name of the debtor has been communicated to the National Land Registry; this is in order to protect the rights acquired in good faith.

More on this topic

Project to Penalize Tax Fraud Goes Ahead

January 2018

The bill presented by the Varela administration in the National Assembly stipulates sanctions of 2 to 5 years and fines up to 10 times the amount defrauded.

From a statement issued by the Ministry of Economy and Finance:  

January 18, 2018 The Ministry of Economy and Finance (MEF) today presented to the National Assembly a bill proposing the inclusion of the crime of tax fraud as a crime in the Penal Code.  

Costa Rica: Shareholder Registry Approved

December 2016

With the legislative endorsement of the law against tax fraud the Ministry of Finance will be able to have access to the list of shareholders of corporations, and the people behind other legal entities.

The bill which was approved in second debate by the Legislature stipulates: an obligation to accept as a method of payment, in addition to cash, credit cards and debit cards; an obligation to be up to date with tax payments before making contracts or applying for permits, concessions or authorizations with any state institution; the introduction of penalties for tax advisers engaged in illegal maneuvers to evade or reduce the amount to be paid by taxpayers; and strengthening of the processes of judicial collection.

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):

Measures Against Tax Evasion

April 2012

Bill aims to make public the names of people and companies that are in arrears in the payment of taxes in Costa Rica.

The bill is being sponsored by the Frente Amplio in the Costa Rican Legislative Assembly and has the support of MPs from different benches and even the Executive.

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