Businessmen Oppose 1.5% Income Tax
Businessmen in Costa Rica criticized the proposal which taxes 1.5% of gross income per quarter.
Monday, February 28, 2011
According to the proposed fiscal plan, this levy would replace the current partial payments made by companies for income tax, but if at the end of the fiscal year if the amount to be paid in income taxes (profit) is less than 1.5 %, no return may be requested.
If the Treasury's proposal succeeds, interest on bank deposits would incur 8% to 15%, while for revenues generated by mutual funds, the tax would rise from 5% to 15%.
The business sector of Costa Rica agrees with the content of the draft law proposed by the executive branch to combat tax evasion, but points to gaps in the text.
Limiting the deduction of interest from income tax and eliminating the exemption from payment of 15% for dividend distribution between companies are part of the changes included in the project.
Businesses will receive 2% less from the banks for payments made by customers using credit and debit cards, by way of advance payment of income tax.
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