Starting on Monday all companies enrolled in the National Registry of Costa Rica, must pay an annual tribute established by Law 9024.
Friday, March 30, 2012
The basis for calculating the new tax is 50% of a basic monthly salary, which is 180,300 colones ($357) in 2012, and 90,150 colones ($178.5) or half, for inactive companies for each year from January to December.
Because 2012 will not be a full tax year, the amount payable is 135,225 colones ($268) for active companies and 61,612 ($122) colones for inactive ones, according to Insidecostarica.com.
In total there are 575,657 corporations on the National Registery’s books, all of which should contribute.
To facilitate making the payments, the National Registery has signed an agreement with Banco de Costa Rica, which will accept payments in all of its branches or online through its website www.bancobcr.com. A ‘cedula juridica’ or company ID number must be provided in order to make the payments.
Under the law, published on 27th December, the tax applies to all commercial companies, including corporations and subsidiaries of foreign companies or their representatives in Costa Rica and limited liability companies.
The Legislative Assembly is preparing to consider, in the first debate, a bill aimed at exempting inactive companies from the obligation to file an income tax return.
The file of this legislative proposal is number 22,307 and was presented by Deputy Pablo Heriberto Abarca. The initiative will be discussed in the Assembly, despite the opposition of the Ministry of Finance.
With the new bill the aim is to redeploy the payment of corporation tax, which was declared unconstitutional and suspended in January.
The new initiative seeks to resurrect the creation of the tax, fees and penalties, redefining the criteria for their application. However, there are Members who do not support this measure, who assert that is mostly affects small and medium enterprises.
Legal entities not reporting activity should de-register in June otherwise they will have to pay this tax.
If the owners of inactive companies do not de register, they will have to pay the tax, which is half of a basic monthly salary (currently $358.45 or ¢180,300) for active entities and 25% for inactive ones (¢ 90,150 would or $179.23).