Costa Rica: Shareholder Registry Approved

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.

Tuesday, December 13, 2016

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.

From a statement issued by the Ministry of Finance:

The Anti Tax Fraud bill was approved today in the second debate by the Legislature. The text which will soon be enacted into law will introduce a series of measures to prevent tax evasion by legal entities and individuals who provide services to the public, including professionals. 

The First Vice President and Minister of Finance, Helio Fallas, thanked the deputies who approved the project, which he described as a significant advance in the country in terms of transparency and the fight against tax evasion. "The Tax Fraud project is one of the key projects in the fiscal reform which seeks to eliminate loopholes that currently exist to evade IRS," said the chief.

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