All companies registered in Costa Rica that do not carry out activities must file their net worth declaration on March 15. Therefore, if you or your company is in any of the following situations, take into consideration that you must prepare the legal, fiscal and accounting information required for the filing of the declaration:
Individual or legal entity not domiciled in Costa Rica that is a shareholder of an inactive Costa Rican company with assets or rights in the country or abroad.
Individual or legal entity domiciled in Costa Rica that is a shareholder of an inactive Costa Rican company with assets or rights in the country or abroad.
Why must this declaration be filed? As of the reform to the Income Tax Law that came into force in 2019, it was considered that all companies registered in the country are taxpayers of the tax on profits, even if they do not carry out any activity or are holding companies. For this reason, it was established the obligation to file a declaration of their assets.
What must be filed? All companies legally incorporated in the country that do not carry out a lucrative activity must file two declarations before March 15: one related to the net worth as of December 31, 2020 and another one as of December 31, 2021.
What information must be included in the return? The return must include the balance sheet information (assets, liabilities and equity) of the entity. Therefore, it is essential to have the information related to the acquisition values of the assets and rights held by the entity, as well as the indication of whether the funds used correspond to a contribution from the partners (equity) or debt (liabilities).
What legal information is required? In the case of representatives not domiciled in the country, a Special Tax Identification Number (NITE) must be obtained from the legal representative of the company. In the case of representatives domiciled in the country, the identity card or DIMEX is required. On the other hand, one or more minutes must be made in the legal books of the entity, in order to justify the contributions made.
The multidisciplinary team of Consortium Legal can facilitate the compliance of this formal obligation, through the collaboration in the guide and preparation of all the accounting, fiscal and legal information required, as well as with the presentation of the declaration.
For further information please contact our associate Monica Corrales at the following e-mail address.