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Wednesday, December 11, 2024

Taxes

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Airport departure tax to rise in July

Even with the $2 bump in Costa Rica's airport departure tax, it still has one of the cheapest such taxes in the region.

Lawmakers look to reinstate corporate tax law

Costa Rica's Legislative Committee on Financial Affairs approved a bill to reinstate the country’s corporate tax law, which was ruled unconstitutional in 2015.

Have you received a FATCA letter?

Many U.S. expatriate taxpayers are receiving “FATCA” letters from offshore banks around the world. Here's what you need to know.

Lawmakers propose increase in exit tax to fund Costa Rica’s Olympic athletes

Lawmakers of the Legislative Commission on Childhood, Adolescence and Youth in a unanimous vote on Tuesday approved the drafting of a bill to increase from $29 to $33 the country's exit tax in order to provide funds for the National Olympic Committee.

Finance Ministry launches campaign to identify tax dodgers

Messages are being sent to owners of high-value properties or those who have recently purchased luxury vehicles but submitted tax returns reporting low income, which exempts them from paying income tax.

Finance Ministry could lower Costa Rica income tax brackets

Currently some 952,000 workers in Costa Rica are exempt from the income tax but that figure likely would decrease if the Finance Ministry approves lower income brackets used to calculate taxes.

New online tax filing system in Costa Rica starts in October

The new online platform, called Virtual Tax Administration (ATV), will be available at the ministry’s website and will replace current software taxpayers are required to install on their computers.

Finance Ministry submits tax reform bills to Legislative Assembly

Business leaders and opposition party lawmakers have already voiced their opposition to the government's proposed tax reform bills.

US taxes are due April 15, are you ready?

The FBAR, Report of Foreign Bank and Financial Accounts, has to be filed if you have more than $10,000 in foreign financial accounts.

Government wants to hike taxes to boost income

One of the major proposed changes would swap the current sales tax for a value added tax that would encompass services as well as goods. Tourism activities would be exempt for the first year after the law goes into effect, then charged 5 percent in the second year, 10 percent in the third and 15 percent starting the fourth year.
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