The General Directorate of Taxation issued a new resolution that establishes interpretative criteria on the application of International Financial Reporting Standards, known as IFRS, in tax matters. The measure seeks to provide greater legal certainty to both taxpayers and the Tax Administration itself.
The resolution, identified as MH-DGT-RES-0015-2026, It was published in the Official Gazette La Gaceta on April 29th and will enter into effect on January 1st, 2027.
According to the Tax Administration, companies classified as National Large Taxpayers will have to keep their accounting under the so-called “Full IFRS”, which will allow for greater information disaggregation and more transparency with the tax authorities. For their part, taxpayers under the general regime may choose between IFRS for SMEs or Full IFRS, depending on their financial reporting needs.
The provision will not apply to taxpayers registered in the Simplified and Special Agricultural Regimes. Furthermore, the Treasury clarified that this resolution does not include interpretations related to public sector regulations or international sustainability and climate standards.
Authorities warned that non-compliance with these provisions could result in penalties and fines contemplated in the Tax Code of Norms and Procedures.
This is a news service prepared by ICS. For more information about the story, write to info@ics.cr or call 2519-9992 ICS, tax specialists.