NO to Delivering Shareholder Registry to Treasury

The Chamber of Industries in Costa Rica has filed an administrative appeal against the decision by the Treasury department to require major contributors to produce records of their shareholders.

Friday, April 10, 2015

From a statement issued by the Chamber of Industries of Costa Rica (ICRC):

Chamber of Industries
files for judicial review against provision of information on shareholders

• ICRC requested an injunction on provision of information until the merits of the request are clarified.

• ICRC noted that revealing the partners of a company undermines the concept of a corporation and transgresses the limits established by our Constitution.

The Chamber of Industries of Costa Rica has filed an administrative appeal against a decision by the Directorate General of Taxation (DGT) known as the Multifunctional Scheduled Analysis and Target Tool (AMPO), opposing companies being required to file a registration of shareholders .



More on this topic

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).

Costa Rica: Objections to Disclosure of Shareholder Register

January 2016

A bill being promoted by the government to fight tax evasion involves the creation of a centralized register of shareholders with information on the final beneficiaries of companies.

The business sector does not look kindly on the creation of a centralized register of shareholders, as it would legally oblige companies to disclose sensitive information regarding shareholders when the Directorate General of Taxation requires it.

Costa Rica: More Time to Submit Information to Treasury

March 2015

The General Department of Taxation has extended until March 19th the deadline for companies classified as large taxpayers to provide the information required for tax purposes.

The General Department of Taxation has tightened controls on large taxpayers, implementing a new standard called Multifunctional Scheduled Objective Analysis (AMPO by its initials in Spanish), through which it requires companies to submit information such as "... data from its shareholders and its imports and corporations, among other information of significance to tax matters. "

Concern about Privacy Leaks for Shareholders

February 2015

The private sector in Costa Rica is having doubts over the ability of the Treasury to prevent information leaks, if approval is given to a requirement for companies to disclose shareholder information.

The business sector fears that the authorities will not be able to control possible leaks of confidential data which companies must provide if the decree proposed by the Directorate General of Taxation is approved.

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