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| The
moratorium applies in the case
of medium or small companies
or professional taxpayer makes
an error or inaccuracy in the
tax declaration. / A.M.
Costa Rica wire services
photo. |
No
sanctions for errors in the new
value-added
tax report for the next three months
By the A.M. Costa Rica staff
President Carlos Alvarado and
Finance Minister Rocío Aguilar
reminded taxpayers that a
moratorium exists for penalties
related to value-added tax report.
The law allows a moratorium of
three months, July, August, and
September, on penalties, interest,
fines or any other type of
sanction related to the tax
declaration report to Tributación
Directa of the Ministry of
Finance.
This special moratorium does not
apply for big companies known as
large national taxpayers or in
cases where it is proven that
there was the intent of tax fraud.
The moratorium applies in the case
of medium or small companies or
professional taxpayer makes an
error or inaccuracy in the tax
declaration. If there was an
involuntary error on the tax
declaration, the fines will not
apply, according to the
government.
"With the new VAT we are taking
big steps in the improving up of
our public finances and in the
modernization of our tax system,"
said Alvarado.
According to Aguilar, the
three-month moratorium has the
goal of helping taxpayers) to
adapt to the new value-added tax
and the reporting process.
The moratorium only applies to
penalties and not in the
requirement to present tax
returns. That is, all companies
and individuals who have
registered their economic activity
with the Ministry of Finance must
submit the sales tax declaration.
And in case of having any type of
error or omission in this tax
report, the respective penalty due
to that error will not apply,
according to the announcement.
For more information on how this
moratorium applies or any other
information about the new
value-added tax, in Spanish only,
can be found at the Ministry of
Finance website here.*
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Have you tried to make the new tax
report by your self or do you
prefer to hire a tax expert for
this duty? We would like to
know your thoughts on this story.
Send your comments to news@amcostarica.com
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