Requirements to Audit Financial Statements

In Costa Rica companies classified as Large National Taxpayers or Regional Companies must provide audited financial statements.

Tuesday, October 4, 2011

In an article in Elfinancierocr.com, Francisco Villalobos, director general of taxation, analyzes the resolution establishing the "obligation to submit audited financial statements by large taxpayers and territorial big business."

The text stresses the observation of Director Villalobos, in the sense that companies that currently do not have audited statements for previous years (2008, 2009 and 2010), may declare this to the Tax Administration, "and present unaudited financial statements. Equally they may also submit the details electronically with a note attesting to the veracity and authenticity of these, signed by the corresponding person in the company. "

Villalobos expressly states that "for the fiscal year 2011, in which there are six months left for preparation and delivery, the submission of audited financial statements for Taxation, is mandatory."



More on this topic

Honduras: Tender for Audit Services

February 2020

The Central Bank tenders professional services to issue an opinion on the reasonableness of the institution's financial statements.

Honduras Government Purchase CPrivado No.01-2020:

"Hiring of an external audit firm, duly registered in the Registry of External Auditors (RAE) of the National Commission of Banks and Insurance Companies (CNBS), to issue an opinion on the reasonability of the Financial Statements of the Central Bank of Honduras (BCH) with figures as of December 31, 2020, compared to those corresponding to December 31, 2019.

Amazing what a Good Tax Advisor Can Achieve

November 2015

On average in Costa Rica more than one in five companies classified as Large Taxpayers do not pay taxes.

EDITORIAL COMMENT:
When the Tax Department does not fully complete its duties, competition between companies is settled not by the quality of products or services, or for the excellence of its managerial staff and their strategic direction, but for the ability of their tax advisors to reduce the amount of taxes paid.

More Fiscal Control Over Large Taxpayers

November 2013

New guidelines from the Costa Rican Treasury Office will allow greater access to the most relevant data of companies who paid more than $500,000 in taxes in the past three years.

Large taxpayers now have the obligation to submit to the Directorate General of Taxation information on their financial status in unconsolidated digital format.

Honduras: Law Requires Financial Institutions to Publish Financial Statements

December 2010

The amendment passed by Congress requires banks and financial institutions to publish in newspapers their financial information.

"With the amendment, article 32 says that "the supervised institutions are required to publish, in accordance with standards established by the Commission, their balance sheets and profit and loss statements at the end of each year with their accompanying notes and auditor's opinion,” states the article in Proceso Digital´s website.

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