Friday 24 September 2021

Decree Requires Companies to Disclose Information Shareholder and Financial Information

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Carlos Vargas, director general of taxation. Photo: La Nacion
Carlos Vargas, director general of taxation. Photo: La Nacion

QCOSTARICA – The decree submitted for public consultation by the Dirección General de Tributación de Costa Rica (Directorate of Taxation) requires companies (Sociedades Anonimas or S.A.’s) to provide information about its partners, shareholders and the make up of its capital.

Companies that do not agree with the draft decree have 10 working days to file comments and objections. This measure aims to implement the standards of the Organisation for Economic Co-operation and Development (OECD).

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Deloitte told Nacion.com that “… The decree introduces a number of obligations to provide information by companies, including details of its partners and composition of its share capital.”

Last February, the Directorate drew criticism when it filed for consultation a resolution which requires every company to provide information of their shareholders. The objection was over making a major change administratively.

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: La Nacion

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