On December 13th, Costa Rica’s government approved the Draft Bill to Avoid Tax Fraud.
The draft bill is focused on creating a register of shareholders of the capital companies in Costa Rica, in order to reach the final beneficiary for legal purposes. In addition, the bill forces companies to be up to date with their tax payments in order to process permits or concessions before any public entity, and establishes the possibility to receive a VAT refund.
To learn more about this new bill, please read the full article (PDF in Spanish): Draft Bill – Avoiding Tax Fraud
For more information about how this new Bill might affect your business in Costa Rica, contact our members Ara-Law Abogados located in San Jose, Costa Rica.