Panama's Congress approved Thursday a law regulating the optional use of cryptocurrencies, even allowing the payment of taxes with these assets in the country,...
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.
Those who fail to submit informative returns before the extended deadline are exposed to fines ranging from 10 to 100 base salaries, equivalent to ₡4.2-₡42 million ($7,475-74,750).
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.
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.
Costa Rica will reach a population of 5 million by 2018, according to estimates from the National Statistics and Census Institute (INEC). INEC and Casa Presidencial warned that there are some growing pains ahead for the country as it approaches.
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.
Employees whose gross monthly income is less than ₡793,000 ($1,455) will be exempt from paying income tax, according to the latest update for the fiscal year 2015 approved by the Finance Ministry last week.
