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Tax Man Will Maintain 15% Withholding On Interest Earned By Foreigners

Tax Man Will Maintain 15% Withholding On Interest Earned By Foreigners

Q COSTA RICA – The Ministerio de Hacienda (Ministry of Finance) says it will maintain the 15% withholding on profits earned in the stock market by foreign investors. Helio Fallas, the Minister of Finance, informed the Superintendencia General de Valores (Sugeval) – Superintendency of Securities – that the Tributacion (Tax Department) is not accepting the […]

Costa Rica Considers Higher Taxes On Foreign Truckers

Costa Rica Considers Higher Taxes On Foreign Truckers

Q COSTA RICA – The Costa Rican Government is to consider hiking taxes on foreign haulers. Meetings were held with domestic companies after protests concerning competition from other neighboring countries. The Government and local firms reached an agreement that lawmakers will consider hiking the current 15 percent income tax rate charge to 20 percent and […]

Legislators Get Constitutional Green Light To Revive ‘Corporations Tax’

Legislators Get Constitutional Green Light To Revive ‘Corporations Tax’

Q COSTA RICA – The Constitutional Court or Sala IV as it is commonly known gave the green light to the legislative bill to revive the ‘corporations tax’. The Court said it found no procedural or substantive defects (errors). The vote was unanimous. The Court decision followed a consultation by legislator Otto Guevara, who opposes […]

Germany, Costa Rica To Avoid Double Tax Starting Jan 1

Germany, Costa Rica To Avoid Double Tax Starting Jan 1

(QCOSTARICA) Global Tax News –  German’s Finance Ministry on October 24 confirmed that the double tax avoidance treaty between Germany and Costa Rica will apply from January 1, 2017. The treaty, signed on February 13, 2014, is the first such agreement between Germany and Costa Rica, and contains the OECD standard for exchange of information […]

Taxation Cannot Demand Prepayment Of Penalties and Interest on Audits, Court Rules

Taxation Cannot Demand Prepayment Of Penalties and Interest on Audits, Court Rules

(QCOSTARICA) A declaration of unconstitutionality has been given to the section of the tax code that allowed the Ministerio de Hacienda (Treasury) to demand payment of penalties and interest allegedly owed on taxes. In effect, the Court ruling put the brakes on the outlandish idea on the part of lawmakers putting the proverbial cart before […]

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 individuals is based on the principle of territoriality, meaning […]

Legislative Commission Endorses ‘Corporations Tax’ Bill

Legislative Commission Endorses ‘Corporations Tax’ Bill

QCOSTARICA – “I’ll be back” is a catchphrase associated with Arnold Schwarzenegger, which he first used in his role as the title character from the 1984 science fiction film The Terminator. However, it can equally apply well to the “corporations tax” in Costa Rica, that refuses to die. On Tuesday, the bill that aims to […]

Costa Rica Bridging Its Fiscal Gap

Costa Rica Bridging Its Fiscal Gap

QCOSTARICA by Micheal Godfrey, Tax-News.com – Costa Rica said that government revenues grew at a faster rate than expenditure for the first time in four years in November. Revenues were up nine percent year-on-year, while expenditure had increased by 8.4 percent, the Finance Ministry said. The Ministry also said that by the end of November […]

Legislator Warns Of Government’s Plan Of Additional Tax on Vehicles To Finance Electric Train

Legislator Warns Of Government’s Plan Of Additional Tax on Vehicles To Finance Electric Train

(QCOSTARICA) – The legislator for the Alianza Demócrata Cristiana, Mario Redondo, warns of a plan by the government to introduce a new (and additional) property tax on vehicles, to “finance” the urban electric train system. Redondo commented on Thursday the provision included in the “Ley de fortalecimiento de Incofer” (law to strengthen the Incofer, the […]

Change in Motel Tax Would Increase Help For The Poor In Costa Rica

Change in Motel Tax Would Increase Help For The Poor In Costa Rica

(QCOSTARICA) One way to help Costa Rica’s poor by the financially strapped government is by making changes in the way motels are taxed, giving the Instituto Mixto de Ayuda Social (IMAS), more than ¢700 million colones a year to work with. The additional income, almost triple than what the IMAS currently collects (an expected ¢254 […]