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If your monthly income exceeds ¢683 thousand, you would have to pay income tax

QCOSTARICA - The potential development of the global income tax may lead to paying more tax as monthly income thresholds are lowered or exemptions reduced or eliminated. An example of the change contained in the bill currently under discussion is reducing the monthly income to...

Distrust of sectors complicate signing an agreement with the IMF this year

QCOSTARICA - Reaching a structural adjustment agreement with the International Monetary Fund (IMF) this year seems like an impossible mission for President Carlos Alvarado, according to analysts consulted by La Republica. This, regardless of the fact that it is one of the few options the...

Global income tax? Legislators ask Carlos Alvarado not to waste time

(QCOSTARICA) Instead of promoting proposals that affect the economic reactivation and the image of the country as a business destination, as is the case of global income tax, President Carlos Alvarado should support other initiatives that do generate investment opportunities and not waste time,...

Tomorrow Deadline To Declare And Pay Income Tax Without Penalty

Anyone who has carried lucrative activities or businesses in the country, between July 1 and December 31, 2019, you must file your income tax (impuesto sobre la renta in Sppnish) declaration for the first partial payment of income tax and pay up, without surcharge...

Covid-19 emergency: Payment of four taxes postponed

With the unanimous vote of 47 legislators present, the Legislative Assembly approved in the first debate, on Tuesday night, the Ley de Alivio Fiscal ante el Covid-19 (Tax Relief Law before Covid-19), after an intense day of negotiations between the legislative factions and the...

Costa Rica Has Some of the World’s Highest Taxes

The government of Carlos Alvarado is about to impose a 40.5% tax on the sales of properties used for business purposes. The new rate has been in effect since July 1, 2019, in Costa Rica, and is be one of the highest of its kind...

Costa Rica’s Capital Gains Tax Is The Highest In The Region

Costa Rica's capital gains tax is the highest in the region, and one of the highest in the world in terms of the impact on the productive sector. Except in unusual cases, the rate in this country is 30% of the increase in the value...

More Corporations (Sociedad Anónimas) Close in Costa Rica

In the first nine months of 2019, 4,715 Corporations or Sociedad Anónimas were closed, 13% more than the total number closed during the whole of 2018, which could be because of the entry into force of the Ley del Impuesto a las Personas Jurídicas...

Moratorium On VAT Sanctions Approved

In typical Costa Rican fashion, on the second day of the implementation of the Value Added Tax (VAT), the legislators approved the bill that decrees a period of three months in which the Ministerio de Hacienda (Ministry of Finance) cannot apply any penalty generated...

ATV and TICA Systems will be out of service this weekend

The Ministry of Finance (Ministerio de Hacienda) said ti will suspend this weekend the ATV (Virtual Tax Administration) and the TICA (Information Technology for Customs Control) to make available to taxpayers new forms to be used, starting July 1, with the entry into force...

Costa Rica is on the verge of adopting one of its biggest changes in taxes

Starting July 1, 2019, the economic life of Costa Rican households and businesses will face changes. On this day, Costa Rica launches the Value Added Tax (VAT) - Impuesto al Valor Agregado (IVA) in Spanish. On this day important tax reforms will go into effect,...

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...

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