Pursuant to article 102 numeral 5 and article 103 numeral 1 of the Tax Code of the Republic of Nicaragua, taxpayers are under the obligation to keep the data registered in the Single Taxpayers Registry updated; for such purposes, the Tax Administration has the power to request such update and the taxpayer must provide the required information within the term established by law, under penalty of administrative fines for non-compliance.
The General Revenue Directorate (DGI) notifies taxpayers of Tax Information Requirements, through which it requests the updating of information of the Single Taxpayers Registry (RUC), this implies the updating of basic data of the company, such as tax domicile, legal representative, economic activity, current board of directors, shareholder composition, etcetera. In order to comply with this requirement, the taxpayer must provide all the requested information with the legal documents that support it, as well as complete the Legal Entity Form of the General Revenue Directorate.
Pursuant to Article 27 of the Tax Code, the taxpayer will have a term of 10 business days to provide all the information and legal documentation required by the Tax Administration. The term is counted as of the day following the notification and Saturdays and Sundays, as well as holidays are excluded from the computation in accordance with the legislation in force. Therefore, when receiving this type of notifications, it is of utmost importance to seek advice as soon as possible, in order to comply with the requirements of the authority within the term established by law. We warn that the Tax Code contemplates a fine for non-compliance of seventy to ninety fine units, that is, from one thousand seven hundred and fifty cordobas to two thousand two hundred and fifty cordobas.