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Costa Rica and Mexico Abolish Double Taxation

On March 21, Ley 9644, the income tax treaty with Mexico, which avoids the double taxation of income and wealth taxes, was published. According to KPMG, the new treaty defines certain terms and conditions for the country where income is to be taxed. For Costa...

Legislators Looking To Tax Non-Traditional Lodging

The proposed bill to generate security in tourism to avoid repeating what happened in the Airbnb where Carla Stefaniak stayed, where her body was found, is being discussed in the Economic Affairs Committee (Comisión de Asuntos Económicos), where taxing non-traditional lodging like Airbnbs would...

Legislators Approve Plan Fiscal, President Signs Into Law

Legislators on Monday afternoon approved in second and final debate the Plan Fiscal - Ley de Fortalecimiento de las Finanzas Públicas - with the aim of alleviating the country's fiscal deficit. The Tax Reform bill was approved with the votes of 34 votes in favor...

Constitutional Court Gives The Green Light To The Tax Reform Bill

The Constitutional Court (Sala Constitucional, also known as "Sala IV"), on Friday endorsed the process of the tax reform (plan fiscal) promoted by the government of Carlos Alvarado, in its task to put in order the country's finances and avoid an economic crisis. The tax...

osta Rican Companies Have Less Than 2 Weeks To Adopt The Factura Electrónica

September 1 is the deadline for businesses in Costa Rica to adopt the Factura Electrónica - to move to the electronic invoice system and, if not, will be exposed to millions of colones in fines. For all professional workers, such as lawyers, engineers, accountants, etc., the...

Residential Landords Must Provide Electronic Invoices Starting September 1

Property owners renting a room, an apartment or a house, even if it is for a low amount, should start to issue a "factura electrónica" (electronic invoice) to their tenants starting September 1 of this year. Tax experts say starting in September, taxpayers who have...

Are You Paying Too Much In Taxes?

“In this world nothing can be said to be certain, except death and taxes,” according to Benjamin Franklin. But it is certain that some in the world are paying more taxes than others. And to the surprise of many, Costa Ricans are near the...

An End To Excessive Perks For Government Employees Proposed

The majority of legislators declared war on a series of salary bonuses ("pluses salariales" in Spanish) that public officials have received for years, incorporating motions to the fiscal reform that is currently being discussed in the Legislative Assembly. The main changes would be to limit...

Why Income Taxes Are Immoral

Nearly 2,500 years ago, Plato argued that poets, “with their words and phrases” were too dangerous and could not be allowed to live in his well-ordered Republic. Today, a similar case is made against those of us that are skeptical of government and question...

Corret Income Tax for Foreigners Investing in Costa Rica Stock Market Is 8%

Since September 25, foreigners who acquire securities from the local stock market will have to pay 8% tax on the dividends generated, just like the tax paid by nationals, and not the 15% set previously. The differences that had arisen regarding how much and in...

Government Proposes To Charge A 15% Tax For Using Services Like Netflix

Intent on solving the country's current financial problems, the government today (Thursday) presented to legislators a new tax plan with the expectation of reducing the gap between expenditure and income from 5% to 2% of Gross Domestic Product (GDP). Among the most relevant points of...

Colombia Wants to Tax Bitcoin despite Declaring It Illegal

According to a statement by the Financial Superintendence, Bitcoin is considered a high-risk currency. And in Colombia, the peso is the only legal tender by which a person can be paid. (Twitter) TODAY COLOMBIA – In recent months, Colombia has experienced a growing interest in...

Why Are Costa Ricans Not Willing To Pay Taxes?

Q COSTA RICA / Why are Costa Ricans reluctant to pay taxes? What are the consequences of such behavior?  "So much paid in taxes and see the roads", or "I did not file a tax return and nothing has happened to me!" are expressions...

People Renting Houses and Apartments For Less Than A Month Must Pay Sales And Income Tax

Q COSTA RICA - Rentals of houses, apartments and condominiums for a period of less than one month is subject to sales and income tax, indicates the Ministry of Finance (Ministerio de Hacienda) in a clarification of the new law to improve the fight...

IMF Mission Concludes Visit to Costa Rica: “Unsustainable Fiscal Imbalance”

Q COSTA RICA NEWS - The favourable conditions in the global economy allowed Costa Rica's economy to an expected growth of 4.25% in 2016, but more needs to be done to stabilize public debt levels and key is for the government and legislature to...

Salaries Below ¢792.000 Monthly Are Income Tax Exempt

(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...

Hacienda Plans To Rebate 1% Point of Sales Tax When Using Plastic

(QCOSTARICA) The Ministry of Finance (Ministerio de Hacienda) plans to return one percentage point of sales tax to people using their plastic for purchases. The plan, if adopted, would mean consumers using plastic would effectively pay a 12% sales tax instead of 13%. The deputy minister...

Shaking The Money Tree, Costa Rica Proposes Global Income Tax

QCOSTARICA - Under pressure to raise revenue and reduce deficits, the Government of Costa Rica is preparing to collect income tax not only on earnings by persons or corporations within the country, but also on income generated abroad, a global income tax (renta mundial...

Costa Rica: Personal Taxation

QCOSTARICA often gets inquiries about taxes in Costa Rica. For that we turned to Tax-News.com, a great source of tax information on Costa Rica and around the world. The following is their take on taxes of individuals in Costa Rica: In Costa Rica the taxation of...

Tax fraud to keep the IRS busy long past April

(Q24N from LAtimes.com) Three things are certain in life. Death and taxes are two of them. The third is tax fraud. With tax day in the United States come and gone, U.S. federal investigators now face another year of chasing some of America's most colorful...

A Casado Without Meat Or Egg For Many If Tax Plan Is Approved

QCOSTARICA - A casado without meat or eggs would be the meal for many if the government's new tax reform is passed as presented to the Legislative Assembly. The casado is a traditional Costa Rican dish of rice, beans, platano, egg and a piece of...

Government Plans To Create 15% VAT On Goods and Services

QCOSTARICA - The government on Tuesday proposed transforming the current sales tax of 13% to a Value Added Tax (VAT), levied both on goods and services, at a rate of 15%. The proposal by the Ministry of Finance (Ministerio de Hacienda) establishes a gradual adjustment:...

Finance Ministry Wants To Encourage Use of Plastic Money With A Lottery

QCOSTARICA - In order to better collect taxes and tax control on businesses, the Ministry of Finance (Ministry of Finance) has teamed up with the Chamber of Banks and Financial Institutions (Cámara de Bancos e Instituciones Financieras) to promote the use of plastic money...

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