Tuesday 6 December 2022

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

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3 December 2022 - At The Banks - BCCR

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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, Costa Rica’s first Vice-President and Minister of Finance

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 opinion of the Attorney General’s office that the correct withholding tax rate is 8%.

The Minister emphasized to the Sugeval that Hacienda maintains the criterion of 15% for non-residents, the rate based on the legislative reform to the “Ley sobre Banca para el Desarrollo”.

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The Ministry of Finance says it will apply the 8% withholding to investors who meet the condition of being resident or domiciled in Costa Rica.

The directive for the 15% withholding was issued by the Tax Department in 2015. However, the Attorney General pointed out the withholding applies to institutions under the supervision of the Superintendencia General de Entidades Financieras (Sugef) – meaning banks – and not the Sugeval, like stock market and other institutions trading in securities.

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