01 September 2022 Costa Rica's tax authority amends resolution on common reporting standard due diligence and reporting requirements for financial institutions
On August 24, 2022, the Costa Rican tax authorities published Resolution No. DGT-R-23-2022, which amends the resolution on CRS (CRS resolution) due diligence and reporting requirements for financial institutions. According to the CRS resolution, financial institutions must keep the records showing their due diligence to identify reportable accounts and any other relevant information that supports the CRS report for five years. The new resolution clarifies that the five-year period begins on the day after the end of the reportable period. The new resolution also establishes that the five-year period will be extended for as long as the financial account remains open and is subject to reporting in the following years.
Document ID: 2022-1331 | ||||||||||||||||||||