Sunday 20 June 2021

Legislative Commission Endorses ‘Corporations Tax’ Bill

Legislative commission endorses law to revive tax on corporations struck down by the Constitutional Court in 2015
Legislative commission endorses bill to revive tax on corporations struck down by the Constitutional Court in 2015

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 revive the tax on corporations (impuesto a las sociedades anomimas in Spanish) was endorsed by the Legislative Committee on Financial Affairs (Comisión de Asuntos Hacendarios de la Asamblea Legislativa).

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The text was accepted affirmatively by legislators of the Partido Liberación Nacional (PLN); Partido  Acción Ciudadana (PAC), and the Partido Frente Amplio (FA). Legislators of the Partido Unidad Social Cristiana (PUSC), and Movimiento Libertario (ML) did not.

According to PLN legislator, Rolando Gonzalez, the bill that reestablishes the tax on corporations enacted by the administration of Laura Chinchilla Miranda (2010-2014) and struck down by Constitutional Court on January 29, 2015, received seven votes in favour and two against.

The bill, which now goes to the Legislative floor, intends to tax corporations from between ¢63.000 colones (for inactive) to ¢212.000 colones (for active and according to earnings), annually.

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If the bill does get legislative approval, it would allow the government to raise up to ¢47 billion colones annually, 95% of which would be used to finance the operations of the Ministry of Security, with the remaining going to the prison system and the Organismo de Investigación Judicial (OIJ).

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We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

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