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Bill for the reactivation of companies dissolved due to non-payment of Corporate Income Tax
[/vc_column_text][us_separator][vc_column_text] On March 1, 2022, the Legislative Assembly published in La Gaceta the bill that seeks to reform transitory provision II of the Law on the Income Tax on Legal Entities (Law No. 9,428). This bill, with legislative file No. 22,905, aims to be a new “Lazarus Law", as it seeks to provide a new opportunity for dissolved legal entities to request their reactivation and thus continue their normal activities. This would avoid the liquidation process and expedite the collection of money owed for said tax. This bill seeks to extend until December 15, 2022, the deadline to settle amounts owed between 2016 and 2021, for the legal entity tax. Part of the proposed wording is as follows:Legal entities that have been dissolved and have settled the amounts owed by January 15, 2022, may submit a request to the National Registry to cease their dissolution. These legal entities will remain in the same legal status they had before the dissolution, with retroactive effects. They will have until January 15, 2023, to submit this request to the National Registry, after the amounts owed have been settled.”. An additional incentive proposed by the bill is that, in order to become current, legal entities will not have to pay the corresponding interest or fines. Lexincorp will monitor this bill, which is currently in the legislative process, and any developments will be reported in a timely manner. [/vc_column_text][us_separator][vc_column_text] Written by María Alexandra Álvarez Arias. Legal Assistant in the Corporate Department of Lexincorp and a graduate of the Law Degree from the University of Costa Rica. [/vc_column_text][/vc_column][/vc_row]
