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LAW NUMBER 9024
TAX ON ARTIFICIAL PERSONS (COMPANY)
Published in Official Government Newspaper La Gaceta No. 249 of December 27, 2011
Last December 27th, 2011, Law in regards to Tax on artificial persons (companies) was officially published in La Gaceta official newspaper, issue 249.
Law’s purpose is to provide funds to Central Government for citizen safety and security. Tax is due to the existence of mercantile companies (stock companies, limited partnership, general partnership, limited liability companies,) and branches of foreign companies, representatives as well as limited liability companies. As of law effectiveness, it applies to all companies already registered and new companies to be registered.
Tax amount shall be different for each one depending on active or inactive company status. Differentiation criteria is based if company is registered or not before Tax Administration authorities. Active companies: shall pay an amount equal to 50% of monthly basic salary of an Administrative Assistant 1 of the Judicial Power set forth each year. Up to date is ¢135.000 or $232. Inactive Corporations: tax amount shall be equal to 25% of previous mentioned basic salary, up to date: ¢67.500 or $132.
Tax shall be paid annually (on January 1 or December 31, each year), or January 30, each year as the latest. For first year, it shall be proportionally paid for nine month term, being April 30th, 2012 as the latest.
If not paid, after three consecutive terms without paying, Company shall be dissolved. Goods under company shall be used to pay tax. Furthermore, National Registry shall not issue certificates for such companies or record any instrument in favor of due tax payers. Any autonomous / semi-autonomous institution or government office shall not be available for any contract or hiring procedure by such companies.
Another relevant consequence shall be the liability assignment of its legal representatives who shall be liable together with their goods for company and the due amount of such tax.
Those SME’s (pymes) or medium size corporations shall be exempt from such law pursuant to criteria which has been set forth by the Ministry of Economy, Industry and Trade.
For further information in regards to law scope and closing of companies, goods assignment with exemptions on assignment tax and stamps, please contact us through our email: email@example.com