Certificates of Exemption from VAT, Income Tax Worksheet 2013, VAT Submission Form 2012, and validation of invoices for small taxpayers in the VAT Form.
Wednesday, January 2, 2013
Tezó and Associates has released a newsletter entitled "BANCASAT News", edition No. 457, dated December 17, 2012 which includes topics of interest to taxpayers, some of which are reproduced below.
- Certificates of Exemption from VAT -
The Tax Authority-SAT-reports on the validity of the certificates of exemption.
As of January 1, 2013, VAT exemption certificates authorized via the preprinted forms SAT 2091, 2092 or 2099, will cease to be valid. Only electronically generated certificates (Form 2093), issued through the ExenIVA system on the internet, will be valid.
- Income Tax Spreadsheet 2013 -
The Superintendency of Tax Administration (SAT) is offering a spreadsheet for projecting income tax deductions for employees, which will be retained by the employer in fiscal year 2013. Users must input the the employer's NIT, their monthly and annual income, and any taxable or tax-exempt deductions, in accordance with the provisions of Decree 10-2012.
For employees who have more than one employer, they must enter information for all other employers, print and sign the declaration, and submit it to the employer from whom they receive larger annual payments, in order to determine the amount of the total retention, depending on the applicable tax rate.
With this tool, employees can, by the end of the 2013 fiscal period, make their final statements and check for outstanding tax or amounts to be returned by the employer.
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The recently adopted legislation requires companies to make a tax contribution equivalent to 4% of the monthly salary of each employee on their payroll.
In addition to the monthly contribution of 4%, the new Framework Law of Social Protection System for a Better Life states that "...Employers must pay into the respective sub-account of a worker's labor reserve until the respective account reaches an amount equal to the amount of the unemployment benefit provided for in Articles 102 and 120 A of the Labour Code, at its highest level. The employer must renew contributions for workers who when their ordinary salaries increase are entitled to receive a higher amount for severance pay. "
Although rates of income tax for employees have decreased, so have deductions and exemptions, meaning that ultimately the taxpayer will pay more than before.
Prensalibre.com reports that "the rates still in effect in 2012 are those of 15%, 20%, 25% and 31%, which will be charged up to 2012, and the new rates in 2013 are 5% and 7%. "
By a ruling of the Second Chamber of the Supreme Court of Costa Rica, the optional 40% contribution made by employers in cases of incapacity, is exempt from social charges.
In judgment 477 of 2012, the judges of the Second Chamber of the Supreme Court determined that the 40% contribution optionally make by employers for disability payments can not be considered a salary, but rather a subsidy, and therefore is unencumbered by social charges.
The National Assembly of Panama has passed a bill to grant a moratorium period of six months for payment of employee-employer contributions.
From a press release from the National Assembly of Panama:
The National Assembly approved on its third reading in the House, Bill 396, which basic objective is to grant a moratorium period of six months for full payment of employee-employer contributions and the total balances of the agreement or payment arrangements agreed with Social Security Fund, relating to this category, and for the payment of professional risk premiums and other contributions owed to the Social Security Fund, which are overdue at the time of entry into force of the law.
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