Important announcement for corporations.
As of November 11th, 2020 the Costa Rican Tax Authorities confirmed that all corporations (active or inactive) need to submit the D-101 form and declare their global value, if any, before March 15th, 2021.
Due dates:
By December 31st, 2020
It’s important that your corporation’s books and capital stock match all the essential information that will be submitted in the D-101 form.
Before March 15th, 2021
Submit the D-101 form and declare the global value of your corporation according to the information in your corporate books.
Please be advised that the fine for any active/inactive corporation that does not meet this requirement is US$400 per month of delay after March 15th, 2021, so it’s very important to prepare all of this paperwork and present it on time.
*This process is completely aside and independent from the Declaration of Shareholders and Final Beneficiaries of the Corporations.
Contacts us ASAP to put your corporate books in order and start this process.
If you have doubts don’t hesitate to contact us at nicole.quesada@lawxpertscr.com
FAQS
WHAT IS AN INACTIVE CORPORATION?
An inactive corporation can be described as a corporation that does not perform a commercial activity in the country. Typically they are created ONLY to hold assets such as properties/vehicles, etc. If you have an inactive company please get in touch with us.
DO YOU HAVE TO PAY A TAX?
No. This is not a new tax, it’s just a new regulation issued by the TAX AUTHORITIES and its purpose is that all corporations register as INACTIVE companies before Tax Authorities and eventually declare the company’s assets.
WHERE DO YOU SUBMIT THESE DECLARATIONS?
Before the Tax Authorities on their ATV online platform. To be able to use their online platform you have to have a NITE number (it’s a TAX ID number) and a password to enter the system. If you are a foreigner living in CR and don’t have residency yet, you will have to go personally to the Tax Authorities to get your NITE number and password first and comply with certain documentation to obtain it.
DO YOU HAVE TO SUBMIT THESE DECLARATIONS YEARLY?
The D-101 (which is the declaration of the global value of the company) has to be submitted yearly, within the 2 months and 15 natural days at the end of the fiscal period.
IS THIS THE SAME REGULATION AS THE DECLARATION OF SHAREHOLDERS?
No, this is a completely different declaration than the Declaration for the Registry of Shareholders that has to be submitted yearly in April before the CENTRAL BANK, which purpose is solely to declare who are the shareholders and/or final beneficiaries of the company.
