Wednesday 31 May 2023

Tax Bill Requires Electronic Invoices Of Businesses and Professionals

Paying the bills


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31 May 2023 - At The Banks - Source: BCCR

Paying the bills


160405115529_impuestos_624x351_thinkstock(QCOSTARICA) If the bill approved in first debate last week receives final legislative approval, the Dirección General de Tributación (Tax Department) will be able to access in real-time, invoices issued by both businesses and professionals providing services to the public.

The bill, that was approved by 42 of the 55 legislators, also requires all trades and professionals to issue electronic invoices for their services.

The bill allows for a two-year period for the changes to occur.

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The objective of the bill is to curtail corruption, in particular cash sales without receipts (and thus no tax paid/collected).

The bill also makes liable tax consultants (whether it be lawyers or accountants) that help taxpayers make incomplete tax filings to penalties, and including, if Taxation is not able to locate the tax evader, the professional will be liable for the tax payment.

Another change included in the bill is the seizure of goods (with a judge’s order) of the alleged tax evader.

And finally, the bill permits the controversial centralized shareholders registry and beneficial owners of companies, that will go into effect on January 1, 2019.

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Paying the bills
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