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COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

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Income Tax

Panama Regulates Cryptocurrency Operations and its use in Tax Payments

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,...

Higher and ampler sales tax recommended

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.

Tax information returns extension deadline ends next week

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).

New tax brackets for the new tax year

As of Oct. 1 workers whose gross monthly income is less than ₡792,000 ($1,417) will be exempt from paying the income tax.

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.

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.

Costa Rica to reach population of 5 million by 2018

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.

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.

Finance Ministry updates income tax brackets, raises tax-exempt salary limit

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.

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