Tuesday 22 June 2021

Legislative Christmas Gift of Tax On Corporations Almost Ready

Legislator Otto Guevara attacked the approval of the tax on corporations law
Legislator Otto Guevara attacked the approval of the tax on corporations law

The controversial draft Law on Tax on Corporations (Ley de Impuesto a las Personas Jurídicas), to which legislator and perennial presidential candidate, Otto Guevara, who had sworn to clog the process with motions at the committee level, to speak from more than 100 hours, is now ready for the final legislative process.

The Libertarain legislator had presented more than 200 motions, stalling the draft bill from leaving committee, a fast-tracking allowed only 54 of the motions to be discussed and voted on.

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The draft bill that is expected to reach the full legislative floor by mid-December calls for an annual tax of ¢64,000 colones for ‘inactive’ corporations (those corporations registered as having no commercial activity); ¢106,000 colones annually for corporations with annual incomes less than ¢51 million colones; ¢127,000 colones annually for corporations with annual incomes up to ¢119 million colones; and ¢212,000 annually for corporations with incomes greater than ¢119 million.

The money collected of this tax would be shared between the Ministry of Security – 90% (Ministerio de Seguridad), the Judiciary – 5% (Ministerio Público) and the Organismo de Investigación Judicial – 5% (OIJ).

For the draft bill to become law, it requires first and second debate and vote by the full Legislative Assembly.

Source La Nacion

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