Bill number 21679, “Law to give executive title to electronic invoicing and constitute it in negotiable value,” came into force on october 19th of the present year.

Electronic invoicing began a commercial figure for the regularization of tax activities, through these the Ministry of Finance can carry out better control over services provided, purchases and sales and other activities regulated by the Costa Rican Commercial Code.

This instrument became a fundamental mechanism to deal with tax evasion because from its issuance, the Tax Administration ensures a correct tax location of the subjects involved in commercial transactions.

The objective of the Project of Law is to reform article 460 bis of the Commercial Code, in order to grant the character of enforceable title to the commercial and the utility invoice processed by electronic means. The acceptance by the debtor shall be sufficient for this purpose.

Such acceptance must be by electronic vouchers, confirmation messages or any other equivalent signal issued or sent by the debtor, subscribed by digital signature or certified digital signature. The electronic vouchers, confirmation messages or any other equivalent signal issued or sent by the debtor as a manifestation of acceptance shall have legal effectiveness and evidentiary force.

In addition to the reform that was made to article 460 bis, article 460 ter was also included in such addition. This article stipulates that all commercial or services electronic bill that is properly accepted by the General Tributation Agency, besides being considered an executive title, can be subscribed by its owner in any authorized stock market central. After that, the authorized stock market cental can receive, confirm, guard of, and write down such electronic bill as an executive title, with all its legal effects.

Also, it is of very high importance to mention that whoever is responsible for the payment of the bill, has a 10 work day period to either accept the bill, or reject it using any of the situations the law contemplates for such scenario. If there is no response by the person responsible for payment of the bill in that 10 work day period, the acceptance of the bill will be made without the response.

If you wish to obtain more information on the implications this new law has, or any type of consulting, ERP Lawyers has a very specialized and personalized team for such an area. Do not hesitate to contact us.