This regulation is currently under review by the legal department of the Ministry of Finance. The aim is to have it in force before the end of the current administration, said Carlos Vargas, CEO of Taxation.

"Regulation is issued to support a law that does not exist. Here we should make a law not just a regulation, because after a regulation there may be problems and appeals before the Constitutional Court," said Francisco Ovares, partner at Moore Stephens Costa Rica.

"The problem is that we have rules on income tax that are anachronistic and outdated which allow aggressive interpretations by the taxpayer and at the same time encourages arbitrary actions from the tax authorities," said Alan Saborio, managing partner of the consulting firm Deloitte.

Source: elfinancierocr.com

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Costa Rica: Transfer Prices Not Applicable in 2013

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