Those who have not provided the corresponding information for the Transparency and Final Beneficiaries Registry for the period of 2019 by April 30th, 2020, could be sanctioned with the fine determined in article 84 bis of the Tax Code of Standards and Procedures, corresponding to two per cent (2%) of the gross income of the legal entity or structure, in the income tax period prior to the one in which the infringement occurred, with a minimum of three base salaries and a maximum of one hundred base salaries.

How is the penalty payment made?

First of all, it should be clear that the non-compliant entities must pay the penalty through form D-116: Self-liquidation of penalties for the administrative offences, generated by the Tax Administration’s EDDI-7 tool, specifically in the article 84 bis section: Non-compliance in the shareholder register. This form must be presented at the bank and paid the full fine.

Finally, it can be rescued that the payment of the corresponding fine does not exempt the obligated from the supply of the information.