ENetwork Files D101
Today, ENetwork files D101, Costa Rica’s income tax return, to show revenues that were generated in 2015. Due on December 15, 2015, form D101 is used by the Costa Rican tax authority, to ensure citizens are paying their fair share of taxes to the government.
“Some individuals may remember when we filed our D151 about two weeks ago, the first stage in reporting revenues to our government,” stated Melvin Pereira, President & CEO of Pure Hospitality Solutions. “Well, the D101 is required to be filed just after the D151 [roughly two weeks after] and is used to cross-reference figures that have been previously reported to the government. This is the most useful tool our tax authority has to ensure its citizens pay their fair share of taxes.”
ENetwork files D101 for further transparency and to show profits that were generated during the fiscal year of 2015 from the Company’s previous ownership of hospitality properties and other real estate holdings. Although the Company was able to generate revenues successfully from these operations, management concluded early on that the cost to keep the properties long-term would be too much of a burden for a micro-cap traded security and determined it best to divest its holdings for the better fiscal health of the Company.
Pereira concluded, “After running projections and modifying our business plan earlier this year, we came to the conclusion that the long-term value of Oveedia would far surpass any value derived from owning physical real-estate at that time. ENetwork files D101 this year showing profits from our initial real-estate hospitality operations. However, next year’s filing will show income made from Oveedia! We expect this number to be substantially higher year-over-year and cannot wait for the future of PURE and Oveedia.”