In the first nine months of 2019, 4,715 companies were closed, 13% more than the total number of companies closed during the whole of 2018, which could be because of the entry into force of the Personal Income Tax Law.
Since 2017, the year in which the Corporate Income Tax Law came into force, the number of corporations that closed their operations in the country began to increase.
With the new bill the aim is to redeploy the payment of corporation tax, which was declared unconstitutional and suspended in January.
The new initiative seeks to resurrect the creation of the tax, fees and penalties, redefining the criteria for their application. However, there are Members who do not support this measure, who assert that is mostly affects small and medium enterprises.
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.
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).
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