The Transparency and Final Beneficiaries Registry (RTBF) is an essential obligation for all legal entities and trusts in Costa Rica. Recently, important changes have been implemented through resolution MH-DGT-RES-0016-2024, which will affect the filing of the RTBF declaration for the 2024 ordinary period.
Important Dates for the RTBF Declaration
According to the new regulations, the ordinary RTBF declaration for this year must be submitted between October 1 and October 31, 2024. This deadline applies exclusively to 2024. Starting in 2025, the filing period will shift to April each year, which will be crucial for companies’ planning.
Use of Powers for Filing in 2024
One of the main changes is the inclusion of a transitional rule that allows, on an exceptional basis, third parties to file the RTBF declaration in 2024 using a general, generalissimo, or special power of attorney. This change simplifies the process for cases where the legal representative does not have a digital signature.
- Generalissimo Power of Attorney: Must be registered with the National Registry and authorizes a physical person to carry out the procedure.
- Special Power of Attorney: Only valid for one act, i.e., for one single declaration of either an ordinary or extraordinary period. This must be granted through a public deed.
It is important to note that for future years, the use of powers to submit the declaration will not be allowed under the current conditions, meaning this mechanism is temporary and only applicable for 2024.
Entities Required to File
The obligation to file the RTBF declaration falls on various entities, such as:
- Legal entities: Includes Corporations (Sociedades Anónimas), Limited Liability Companies (Sociedades de Responsabilidad Limitada), Foreign Companies, Branches, among others.
- National Private Trusts: Through their trustee or legal representative.
- Third-party Resource Managers: Must declare if they manage such resources.
- Nonprofit Organizations (NPOs): Both national and foreign entities with a legal entity ID.
- Mutuals, Cooperatives, and Solidarity Associations: With legal entity IDs assigned by the National Registry.
These entities must submit their declaration through the Central Directo platform of the Central Bank of Costa Rica (BCCR) or the RTBF system, as applicable.
Consequences of Non-compliance
It is crucial to comply with the filing deadlines, as failure to submit the RTBF declaration will result in financial penalties, as established by Article 84 bis of the Tax Code.
ERP Lawyers: Your Partner in RTBF Compliance
At ERP Lawyers, we understand the complexity and obligations surrounding the RTBF. As we have done in previous years, we are at your service to assist you throughout this process, ensuring that your declaration is filed correctly and on time, thus avoiding fines and penalties.
If you have any questions or need assistance with your RTBF filing, do not hesitate to contact us. We are here to help you meet your legal obligations smoothly.
