The General Taxation Office of the Ministry of Finance announced that it will request that the National Registry dissolve 74,185 companies for not paying the company tax.

The companies to be closed have failed to pay their taxes for three consecutive tax periods.

The total sum of unpaid taxes is ¢10,600 million colones (about $17,449,995).

The Ministry has the power to request the closure and dissolution of the companies in accordance with article #7 of Law #9428, Law on Tax on Legal Entities, known as the company tax law.

The dissolution and closure of the company does not imply that the owner is released from paying the taxes owed. The law allows to General Directorate of Taxation to continue with the collection procedure and pursue collection against any officially registered company stock holders.

Once the General Tax Office sends the National Registry the details of those companies (including anonymous societies, limited liability, or foreign company branch), the names will be published in the official government newspaper La Gaceta, with the company cancellation order.

However, the Ministry calls on the owners of the companies to pay the taxes before they are dissolved or closed.

"Those interested in catching up and avoiding the dissolution of their company should pay as soon as possible," said the Ministry's statement.

The owner or representative of the company should contact the information department of the General Tax Office at: 2539 - 4000 extension #3086 and ask for the amount owed.

Payment can be made at any public bank, or directly at the offices of the General Tax Office* located on Avenida 10 in Sabana, San José. No prior appointment is required.