This declaration is a formal report of the shareholders or final beneficiaries of a legal entity, whether they benefit in a direct or indirect manner. In case of not complying with the obligation to file the RTBF declaration, a fine equivalent to 2% of the gross income of the company will be imposed. This charge will be a minimum of three base salaries (US$2,092.00) and a maximum of one hundred base salaries (US$69,683.00).

In the case of legal entities that have filed the declaration in previous years, the information previously filed will be preloaded in the system so that the person filing the declaration can update the data that has changed or simply confirm that the declaration has no changes and file it. It is important to keep in mind that the Special Powers of Attorney used to file this declaration in previous years, have all been disabled, for which reason, it is necessary to grant new powers of attorney.

In the case of trusts, it is important to note that in order to complete their declaration in the RTBF system, they must first have a unique identification number granted by the Public Registry; once the identification is assigned, the trustee must go to a Public Notary so that he/she may include in the RTBF system the identifying data of the trust, as well as the data of its representative or an authorized person, in accordance with the provisions of the trust contract.

Companies recently registered in the Public Registry have 20 working days to file the ordinary declaration. Additionally, when a legal entity is transformed into a company of another type, which entails a change of class in its legal corporate identification number, the legal entity will be considered a different legal person, and therefore, it must file an ordinary declaration within 20 business days following the registration of the transformation of the legal identification card by the National Registry. This applies even if the predecessor legal entity has filed the ordinary tax return for that period with the registration previously held.

Likewise, in the case of the merger of companies resulting in a new legal entity with a new legal corporate identification number, an ordinary declaration must be filed within 20 working days following the date on which the merger was formally registered.

If you have any questions or require assistance with the Transparency and Final Beneficiaries Registry declaration, please contact us at contact@tactic.legal and we will be glad to assist you.

TACTIC Legal Studio