(QCOSTARICA) On Thursday, September 29, published in the official government newsletter, La Gaceta, is the decree updating the income tax regulations where the minimum monthly exempt from taxes is ¢792.000 colones.

Every year, in September, the Ministry of Finance (Ministerio de Hacienda) updates the income tax provisions.

The adjustment applies to salaries, bonuses, salaries, allowances, commissions, overtime, royalties, pensions and other items. The taxation year begins on October 1 and runs to September 30.

The tax increases progressively. Monthly earnings from ¢792.000 n  to ¢1.188.000 is taxed at 10%, above that the tax is 15%.

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