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.

More on this topic

Moratorium on Shareholder Registration

January 2020

In Costa Rica, the Legislative Assembly approved in first debate a bill to avoid fines for errors in the declaration of the shareholders' registry for two months.

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.

Shareholders Registry: Projecting Backlogs in Costa Rica

September 2019

Businessmen ask for an immediate extension in the application of any fines, as many representatives of companies have not yet managed their digital signature and at this time, there is no capacity installed in the authorized posts.

Since September 1, the process of registration of approximately 370,000 legal persons began. They will have the obligation to comply with the "Registry of Transparency and Final Beneficiaries," and the legal documents ending in 0 and 1 should have done so first.

Costa Rica: Rules for Shareholders´Registration

May 2018

Although the Central Bank has not yet defined the date on which companies must present information, the new regulation on transparency and final beneficiaries registration has already been published.

The regulation was published at the end of April in the official newspaper La Gaceta, and details which entities are obliged to provide information regarding the substantive and final beneficiary interests, established in the Law to Improve the Fight Against Tax Fraud.

Shareholder Registry Revived in Costa Rica

June 2016

A bill approved in the Legislative Commission creates a register of shareholders to which the tax authority would have unrestricted access.

The main objective of the project against tax fraud is to enable the Directorate General of Taxation to seize the assets and bank accounts of taxpayers classified as delinquent, under the order of a judge. The embargoes could be extended for a period of up to two years.

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