- Law No. 10491 in Costa Rica became effective on August 19, 2024
- The law aims to facilitate the regularization of tax conditions and reactivate the economy
- It amends and extends benefits for sectors impacted by health restrictions
- Business closure penalty is temporarily replaced with a monetary penalty
- Tax administration is required to archive sanctioning procedures for business closure
- Taxpayers can request payment installments for VAT debts incurred before March 2022
- Taxpayers must be current with obligations to qualify for benefits
- A three-month period is granted to meet obligations for business closure penalty replacement
- Any debt not included in VAT installments must be paid by the taxpayer
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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