Noticias

Tax Bulletin

October 2015

Tax information

Current Base Salary

¢403.400

Current Interest Rate

14.00%

Late payment penalty rate
(month or part month)

1%

Reference Exchange rate BCCR USD
(October 1st, 2015)

Buy:

¢528,80

Sell:

¢541,27

Changes on the obligation to file audited financial statements

Last October 14th, the resolution DGT-R-26-2015 was published in the official journal La Gaceta. This modifies the Resolution DGT-R-46-2014 that made mandatory the obligation for all Taxpayer classified as Large Tax Payers or Large Territorial Enterprises, to file audited financial statements within the next 6 months of the closure of the fiscal period, without previous requirement from the Tax Administration.

Audited Financial Statements were required by the Tax Administration because  this information was considered to be of transcendent importance in order to identify any risks for future audit procedures,  as well as a legal requirement incorporated on article 104 of the Code of Tax Rules and Procedures.

Additionally, the Regulations of Tax Procedures stated who are classified as taxpayers, which are all the physical or moral persons that have a determined tax obligation established by the law or its regulations.

Previous rulings made by the General Tax Directorate (DGT), established additional details on the matter such as the specific taxpayers that need to file it, periods of submission as well as accounting dispositions on the formal presentation of the financial statements (they need to be in the local currency, in Spanish, individualized, among others).

With the new resolution DGT-R-26-2015, the Tax Administration pretends to decrease the cost for the taxpayers of fulfilling the formal and material obligations,  and in order to accomplish that, established that the audited financial statements would be submitted only after previous requirement of the Tax Administration and with a time limit of 3 months that could be prorogated to other 3 if the tax payer presents a justified request.

Despite the new resolution eliminates the obligation to file the audited financial statements in a specific period or date, it is advisable that the Tax Obligated Persons wait until they received the requirement from the Tax Administration, especially considering the time limit of 3 months to complete them as well as the additional 3 months (only granted upon justified request of the Tax Administration).

Therefore it is advisable to keep preparing the audited financial statements once a year, after the closure of the fiscal year.

Grettel Rodríguez
Senior
Tax & Legal

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