Monday 19 April 2021

osta Rica Tax Declaration Needed for Loan Applications

dollar-billsThe most recent tax declaration will become a requirement for some companies when applying for a loan at banks in Costa Rica. The move is part of the Regulation on the Qualification of the Debtors, which has been in effect since June 17.

The tax statement will be indispensable for evaluating applications for business loan and apply only to new credit. Banks, cooperatives, mutuals and financial are required to ask for such a requirement to its  corporate customers.

Companies that will be asked for this requirement are those who “… have a good credit record, low currency risk in the event of abrupt changes in the dollar and have audited financial statements.”

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Javier Cascante, chief of the Superintendent of Financial Institutions (SUGEF), told that ‘Asking for a declaration of income tax is a healthy practice for analyzing the origin of the funds. The goal is to analyze customers, not for banks to become an assistant to the tax office’. “

Bankers consulted by La Nacion agreed that asking for this document will make the granting of credit lines to the business sector more complex.

“The new requirement is not in line with the objective of simplifying procedures. Obviously, by making it mandatory, there will be a higher degree of operational complexity for banks and the credit process,” said Ana Isabel Cortés, executive director of the Costa Rican Banking Association (ABC).

Source: La Nacion

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