Costa Rica News – From October 1st to December 15th is the period in which everyone must file income generation forms and verify whether income tax is owed. Here are a few things to keep in mind.
If the company has products that have not been sold during the year and can liquidate them through offers by the end of September, the cost of sales may be included as an expense, reducing the profit on which tax is charged.
Expenses covering months in multiple fiscal periods, such as a six-month insurance policy, may be deferred or split.
The D-151 form is due by November 30.
Be mindful of transactions made in the end of September as you may bill in this fiscal period but receive the income after October 1, generating differences.
Deductible expenses must always be associated with income generation. Trips are not deductible unless for something like a training that will help improve sales.
Deductions may only be made with vouchers authorized by the tax administration. Keep all invoices.
A procedure with a public accountant must be followed in order to include a loss or destruction of inventory.
The penalty for not filing the income tax return on time is ¢213,100.