March 14, 2022 Costa Rica enacts law simplifying tax obligations for inactive entities and extending due date for simplified income tax return Inactive entities have an additional three months to file the simplified income tax return, which was due no later than March 15, 2022. On March 10, 2022, Costa Rica enacted a law simplifying tax obligations for inactive entities and granting a three-month extension for filing the simplified income tax return, which was due March 15, 2022. The law establishes that inactive entities must only provide the tax authority with a high-level of detail on assets, liabilities and capital, through a summarized and simplified tax return that minimizes compliance costs. If the information does not change in following years, taxpayers must only confirm the information provided in the previous tax return. The law also allows non-domiciled entities assigned legal ID 3-012 to request the removal of that legal ID, which would eliminate certain compliance obligations they must currently satisfy. Additionally, the law grants a three-month extension to inactive entities for filing the simplified income tax return, which was due no later than March 15, 2022. ———————————————
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