Costa Rica: Offshore Tax Profits

The Government is once again bringing to the table the concept of global income, to force tax residents in the country to declare and pay taxes on profits earned abroad.

Tuesday, June 7, 2016

The Ministry of Finance has announced that "... they are working on a substitute text to a reform of income tax, which would mean a profound change to the initiative which is in Congress."This proposal is for tax any income generated from commercial activities outside of Costa Rica, by those tax residents who stay at least 183 days a year in the country.

That was the explanation that the deputy minister Fernando Rodriguez made during his first appearance before the Investigating Commission of the Panama papers, reports Nacion.com.

See:   Who Doesn't Need an Offshore Account?

"... To avoid double tax collection, the possibility will exist for the person not to pay tax to the Costa Rican government if they include in their tax return, proof that that they had to pay tax in the country where the revenue was generated. At the same time, a hand will be given to the tax information agreements with member countries of the Organisation for Economic Co-operation and Development (OECD), to which Costa Rica wants to enter. "

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