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Regulation Requires Companies to Disclose Information

The decree submitted for public consultation by the General Directorate of Taxation of Costa Rica requires commercial companies to provide information about its members and the composition of its capital.

Thursday, January 22, 2015

There is currently a period of 10 working days for companies that do not agree with the draft decree to declare so and make comments. This measure aims to implement the standards of the Organisation for Economic Co-operation and Development (OECD).

Deloitte told Nacion.com that "... The decree introduces a number of obligations to supply information held by commercial companies, including details of its partners and composition of its share capital. "

Meanwhile, Carlos Vargas, Director General of Taxation, told Nacion.com that "... The measure sought to verify the payment of transfer tax and also comply with OECD standards. "

Source: Nacion.com

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business information

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Dirección General de Tributación Organización para la Cooperación y el Desarrollo Económicos Deloitte Carlos Vargas

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Costa Rica

Insight

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NO to Delivering Shareholder Registry to Treasury

April 2015

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.

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

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.

Impact of the Panama-Colombia Agreement

October 2014

The agreement for Panama not to feature in Colombia's gray list establishes a deadline of one year for the signing of an agreement on double taxation and exchange of financial information, and is a sign that sooner rather than later, the Panamanian corporate and financial center will lose their comparative advantages.

EDITORIAL

Costa Rica: Companies Must Report Their Shareholders

February 2014

The Taxation Office has sent to consultation a resolution that would require corporations to disclose information about their shareholders.

The Directorate General of Taxation has sent to consultation a resolution demanding that every society must report who their shareholders are.