Law No. 10491 became effective on August 19, 2024
Law No. 10491—known in English as the “Law to Facilitate the Regularization of the Tax Condition in Support of Formality and the Reactivation of the Economy”—was published in the official gazette and became effective on August 19, 2024.
The law amends and extends benefits that aimed to temporarily substitute the business closure penalty and facilitate value added tax (VAT) payments for sectors severely impacted by health restrictions.
To qualify for these benefits, taxpayers must be current with their material and formal obligations. If opting for the business closure penalty replacement, a three-month period is granted to meet obligations. For VAT installments, any debt not included in the installments must be paid by the taxpayer.
For more information, contact a KPMG tax professional in Costa Rica:
Cristina Sansonetti | acsansonetti@kpmg.com
Sergio García | sgarcia1@kpmg.com
Carmen Sánchez | carmensanchez1@kpmg.com