The annual corporate tax is the tax established by law that must be paid annually by corporations and Private interest foundations during the periods established by article 318-A of the Tax Code as follows:
||January 1 to June 30
||15 de julio
||July 1 to December 31
||15 de enero
Any taxpayer who fails to pay its corporate annual tax within the periods described above will be surcharged with US$50.00. Failure to pay corporate tax for two (2) consecutive periods will be sanctioned with a fine of US$300.00.
Finally, if the taxpayer allows three (3) years to elapse without paying the annual corporate tax will not only be sanctioned with the corresponding surcharges and the fine of US$300.00 but also with a strike-off fine of US$1,000.00, thus rendering the corporation or private interest foundation inactive.