As of September 2019, a new legislation was issued which stated that the shareholders or beneficial owners of any Costa Rican Corporation or foreign company registered in Costa Rica and/or Trusts have to submit a yearly declaration, due in APRIL of every year, delivering personal information of the shareholders and final beneficiaries (individuals). (If you haven’t heard of this please check our article here).
Recently, a new resolution, specifically the “Resolution N° DGT-ICD-R-19-2020” was published in La Gaceta (our official newspaper) modifying the dispositions for the declaration that had to be submitted this year before the RTBF (Registry of Transparency and Final Beneficiaries) or commonly known as the “Registry of Shareholders”. The most important thing is that this resolution stated that this year the declaration does not have to be done, if you submitted a declaration for 2019.
Meaning that the declaration that was submitted for year 2019 is now going to count as the declaration for year 2020 as well.
Therefore if you did the declaration for the year 2019, take into consideration that you don’t have to do it this year anymore and the next declaration would be due by April 2021.
MOST IMPORTANT POINTS OF THIS RESOLUTION :
-If you submitted a declaration for year 2019 in the RTBF system, you will not have to submit one for 2020 because the system will process it automatically and for this time only it will use this same declaration for this period.
-If you did not submit a declaration for year 2019, then you do have to comply with this declaration and it will count for years 2019 and 2020.
-If you had created a corporation between January 2020 to March 2021, you don’t need to submit this declaration within the regular 20 business days, but until April 2021.
Any changes or extraordinary declarations to the shareholders must be presented until April 2021
-Trusts, Third-party resource administrators, and non-profit organizations that are not yet required to submit the declaration directly in the RTBF system must maintain the information stated in the law to improve the fight against fiscal fraud and hand it to the pertinent administration in case required, until there is a procedure established to submit it directly to the RTBF system.
If you need help submitting the declaration for 2019, we would be more than happy to assist you. Take into account that late presentation of the declaration creates high penalties.
We’ll be happy to assist you in anything you need!
Licda. Nicole Quesada
A boutique conscious LawfirmHOME