Costa Rica News – The Directorate General of Taxation has brought up the idea of possibly changing the fiscal year to have only a single tax period from January 1 to December 31, instead of allowing special tax periods for workers in certain fields.
Affected industries are the public sector, finance and those of banana and rice cultivation.
The current fiscal year runs from September to October. Some taxpayers find this deadline very difficult because their practices have results settled later in the year.
It seems that the “special period” which is the calendar year should become the ordinary period.
That would avoid businesses having to apply for extensions that are supported year after year.
Comments on the potential new fiscal year plan will be accepted until the 29th of this month. So far, they have not received any submitted comments.