Legislative Initiative proposes reactivation for dissolved companies based on the non-payment of the Corporate Tax

On March 1st, 2022, the Legislative Assembly published on the Official Gazette the initiative that aims to reform the transitory II of the Corporate Tax Law (Law No. 9.428). This project, registered under the legislative file No. 22.905, aims to implement a new “Lazarus Law“, since it allows dissolved corporations to request reactivation and thus continue with their normal economic activity. This would avoid the liquidation process and accelerate the collection of the corporate tax.

This project aims to extend until December 15th, 2022, the deadline to pay the corporate taxes owed between 2016 and 2021.

An extract of the proposed wording is as follows:

Legal entities that have been dissolved and have paid the amounts due no later than January 15th, 2022, may file before the National Registry the request for reactivation, leaving such entities in the same legal condition in which they were before the dissolution with the retroactive effects that this entails. The companies will have time until January 15th, 2023, to file such application before the National Registry, after the amounts owed have been paid.”

An additional incentive proposed by this initiative is that the legal entities will not have to pay the corresponding penalties or interests.

Lexincorp will follow up this initiative which is in the legislative stream. Its approval or denial will be informed in a timely manner.

Written by María Alexandra Álvarez Arias.

Legal Assistant of the Corporate Department of Lexincorp and Law Baccalaureate from the University of Costa Rica.

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