{"id":1100,"date":"2024-12-03T14:53:00","date_gmt":"2024-12-03T14:53:00","guid":{"rendered":"https:\/\/ics.cr\/?p=1100"},"modified":"2025-01-23T03:06:12","modified_gmt":"2025-01-23T03:06:12","slug":"tax-year-end-2024-remember-the-benefits-of-loss-carryforwards","status":"publish","type":"post","link":"https:\/\/ics.cr\/en\/cierre-fiscal-2024-recuerde-los-beneficios-sobre-la-deduccion-de-perdidas\/","title":{"rendered":"2024 tax deadline approaching: Remember the benefits of loss deduction"},"content":{"rendered":"<p class=\"wp-block-paragraph\">The Costa Rican Association of Public Accountants reminded that, with the upcoming tax closing, companies may deduct accumulated tax losses from previous periods, provided they comply with the established requirements. For commercial and industrial companies, losses may be deducted in the three consecutive fiscal periods, while for agricultural companies the term is five years. These losses must be duly recorded as deferred losses and linked to the taxpayer's profit-making activity. In addition, the importance of having supporting documentation and complying with the International Financial Reporting Standards (IAS 12) to avoid rejections of deductions due to lack of evidence was highlighted.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Deduction of Losses: Fiscal Year-end 2024<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Deadlines by Sector<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Commercial\/Industrial: 3 years<\/li>\n\n\n\n<li>Agricultural: 5 years<\/li>\n\n\n\n<li>Consecutive periods<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Key Requirements<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Recording as deferred losses<\/li>\n\n\n\n<li>Profit-making activity linkage<\/li>\n\n\n\n<li>Supporting documentation<\/li>\n\n\n\n<li>IAS 12 Compliance<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<style>\r\n.lwrp.link-whisper-related-posts{\r\n            \r\n            margin-top: 40px;\nmargin-bottom: 30px;\r\n        }\r\n        .lwrp .lwrp-title{\r\n            \r\n            \r\n        }.lwrp .lwrp-description{\r\n            \r\n            \r\n\r\n        }\r\n        .lwrp .lwrp-list-container{\r\n        }\r\n        .lwrp .lwrp-list-multi-container{\r\n            display: flex;\r\n        }\r\n        .lwrp .lwrp-list-double{\r\n            width: 48%;\r\n        }\r\n        .lwrp .lwrp-list-triple{\r\n            width: 32%;\r\n        }\r\n        .lwrp .lwrp-list-row-container{\r\n            display: flex;\r\n            justify-content: space-between;\r\n        }\r\n        .lwrp .lwrp-list-row-container .lwrp-list-item{\r\n            width: calc(25% - 20px);\r\n        }\r\n        .lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){\r\n            \r\n            \r\n        }\r\n        .lwrp .lwrp-list-item img{\r\n            max-width: 100%;\r\n            height: auto;\r\n            object-fit: cover;\r\n            aspect-ratio: 1 \/ 1;\r\n        }\r\n        .lwrp .lwrp-list-item.lwrp-empty-list-item{\r\n            background: initial !important;\r\n        }\r\n        .lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,\r\n        .lwrp .lwrp-list-item .lwrp-list-no-posts-message{\r\n            \r\n            \r\n            \r\n            \r\n        }@media screen and (max-width: 480px) {\r\n            .lwrp.link-whisper-related-posts{\r\n                \r\n                \r\n            }\r\n            .lwrp .lwrp-title{\r\n                \r\n                \r\n            }.lwrp .lwrp-description{\r\n                \r\n                \r\n            }\r\n            .lwrp .lwrp-list-multi-container{\r\n                flex-direction: column;\r\n            }\r\n            .lwrp .lwrp-list-multi-container ul.lwrp-list{\r\n                margin-top: 0px;\r\n                margin-bottom: 0px;\r\n                padding-top: 0px;\r\n                padding-bottom: 0px;\r\n            }\r\n            .lwrp .lwrp-list-double,\r\n            .lwrp .lwrp-list-triple{\r\n                width: 100%;\r\n            }\r\n            .lwrp .lwrp-list-row-container{\r\n                justify-content: initial;\r\n                flex-direction: column;\r\n            }\r\n            .lwrp .lwrp-list-row-container .lwrp-list-item{\r\n                width: 100%;\r\n            }\r\n            .lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){\r\n                \r\n                \r\n            }\r\n            .lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,\r\n            .lwrp .lwrp-list-item .lwrp-list-no-posts-message{\r\n                \r\n                \r\n                \r\n                \r\n            };\r\n        }<\/style>\r\n<div id=\"link-whisper-related-posts-widget\" class=\"link-whisper-related-posts lwrp\">\r\n            <h2 class=\"lwrp-title\">Related Posts<\/h2>    \r\n        <div class=\"lwrp-list-container\">\r\n                            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class=\"lwrp-list-item\"><a href=\"https:\/\/ics.cr\/en\/business-closing-suspended\/\" class=\"lwrp-list-link\"><span class=\"lwrp-list-link-title-text\">Closing of business suspended<\/span><\/a><\/li><li class=\"lwrp-list-item\"><a href=\"https:\/\/ics.cr\/en\/costa-rican-economy-leads-oecd-countries-in-growth-rate\/\" class=\"lwrp-list-link\"><span class=\"lwrp-list-link-title-text\">Costa Rican economy leads growth rate among OECD countries<\/span><\/a><\/li><li class=\"lwrp-list-item\"><a href=\"https:\/\/ics.cr\/en\/consensus-in-the-legislature-to-migrate-to-a-global-dual-income-tax\/\" class=\"lwrp-list-link\"><span class=\"lwrp-list-link-title-text\">Consensus in the Legislative Assembly: migration to a global and dual income tax is needed<\/span><\/a><\/li>                    <\/ul>\r\n                <\/div>\r\n                        <\/div>\r\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Learn how to deduct tax losses at year-end 2024. Differentiated deadlines according to sector and requirements to apply deductions correctly.<\/p>","protected":false},"author":2,"featured_media":761,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11,6,14],"tags":[],"class_list":["post-1100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-noticias","category-asesoria-fiscal","category-impuestos"],"acf":[],"_links":{"self":[{"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/posts\/1100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/comments?post=1100"}],"version-history":[{"count":3,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/posts\/1100\/revisions"}],"predecessor-version":[{"id":1103,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/posts\/1100\/revisions\/1103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/media\/761"}],"wp:attachment":[{"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/media?parent=1100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/categories?post=1100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/tags?post=1100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}