The Congress of Costa Rica has been inspired by the famous tango Cambalache and now those who "work day and night like an ox are the same as those who live off other people, those who kill are the same as those who cure, or those who live outside the law..."
The Costa Rican Legislative Assembly has given final approval to a bill that clears the records of crimes committed by people after they have served their sentences. Until now, criminal records have only been "cleaned" after 10 years have passed since the sentence was carried out.
Thirteen foreign banks with operations in New York will have to report on their relations with the Panamanian firm Mossack Fonseca including communications, telephone records and any transaction made.
An article on Bloomberg reported that the Department of Financial Services (DFS) in New York has asked 13 banks with offices in that State, among which are Deutsche Bank AG, Credit Suisse Group AG, Commerzbank AG, ABN Amro Group NV and Societe Generale SA, to provide communications, telephone records and other records of transactions, between their branches in New York and employees or agents of the law firm, Mossack Fonseca & Co. The banks in question are not accused of any wrongdoing.
Corporations that have not paid their annual fee for ten years will be officially dissolved after their names have been published in the official newspaper La Gaceta.
The Minister of Economy and Finance said in an article on Laestrella.com.pa that "... 'it is a plan we have been working on since last year. There is a provision in the tax code that establishes that corporations that have not paid their annual fee for ten years will be dissolved ex officio.'"
Legal tax engineering is a mandatory business practice for anyone who wants to be competitive in today's globalized world, and only those who are not entrepreneurs can afford to refuse to acknowledge this fact.
With the same firmness that we criticize businesspeople who evade taxes or bribe officials to get a contract, we must defend every business practice which is framed within the law to pursue the best use of available resources to generate wealth through the production of goods and services, which is what businesses do.
This is the aim of the bill that would expunge ex-convict's criminal records so that they can find work without their potential employers knowing about their criminal past.
The vast majority of people resolve their economic and existential problems without resorting to crime. They are obliged to act this way because of the education they received in their homes, where they were taught not only be honest and law-abiding, but also to distrust those who are not. From children we learn to discriminate between bad and good, an essential life skill. We need to distinguish between food that is good and food that is harmful to our health. We must be able to distinguish between an honest business and one that is not. That's life, continuous decision making based on our knowledge and values which is what also should govern conduct in society.
The new bill states that the tax payable by commercial companies will range between 15% and 60% of a monthly base salary, depending on their income.
This bill which is currently being discussed in the Committee on Financial Affairs of the Assembly is another attempt by the executive branch, after the first proposal of the administration Solis was declared unconstitutional.
Report of Costa Rica´s performance, through the selection, measurement and evaluation of a set of variables that include social, economic, environmental and political aspects of development.
Overview of the State of the Nation Report 2015:
In the past five years, the State of the Nation has warned about the severity of the problems that threaten the sustainability of human development, the political system's inability to find answers and the need to correct the country's course. Therefore, in 2011 it was stated that behind the political and economic stability a wearing down of Costa Rica's historical progress could be detected. In 2012 the absence of solid progress was noted and in 2013, the existence of myths about the "country we are," which led to do the same actions being repeated with different results expected. Last year, the Twentieth Report stated that it was the end of an era and the political system was being called on to lead the transition with minimal confrontation and costs for the weaker groups.
A warning has been given that over 4000 legal persons are at risk of dissolution for having failed to pay the "single rate" for 10 years.
The General Directorate of Revenue in Panama published the list of legal persons who have arrears of ten (10) years in payment of the tax known as "Single Annual Rate" ("tasa única anual", in Spanish), a list prepared by the DGI for broad dissemination and publication, pursuant to paragraphs 4 and 5 of Article 318-A of the Fiscal Code, amended by Act 6 of 2005 and Act 49 of 2009.
The number of companies and sole traders registered in the Commercial Registry in January grew by 46% compared to the same month in 2014, a year in which a decrease of 3% was recorded.
In January 2015 2.289 companies were registered, 720 more than the 1,569 reported in the same month of 2014. Also last month 1,311 individual traders were registered, exceeding the 899 for the same period last year. Overall, considering both companies and individual traders, the increase compared to January 2014 was 46%.
With an initial capital of $5 million a company called Confianza-SA-FGR has started operating and will focus on the management of funds for the issuance of guarantees for loans.
Confianza-SA-FGR's main objective is the management of funds for the issuance of guarantees to back loans mainly for small and medium enterprises in agricultural, vocational technical education, and social housing projects.
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The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the German Chamber of Commerce and the American Chamber of Commerce (AMCHAM) of Panama.
Operates in Panama
Phone: (507) 3406447
More than a Law Firm. Lex Counsel & Co. is a business ally, an integral adviser and a support team for all our client’s needs. We established our firm to offer high quality services both at national and international level, under a renewed professional proposal, endorsed on standards that guarantee options abilities, personal and permanent contact and quality results on every transaction we intervene.
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Barrantes & Associates is a full service Costa Rica Law firm located in San Jose Costa Rica. We have been in business since 1999.
All our Attorneys are English speaking.
Operates in Costa Rica and Panama
Phone: (506 ) 2256 3807 - (506 ) 8339 1622
Chicas Vilchez & Ruiz is a professional finance and accounting firm providing Auditing, Consulting, Outsourcing, and Tax services in El Salvador, Central America and the United States.
Operates in El Salvador, Costa Rica, Guatemala, Panama, Honduras and Nicaragua
Phone: (503) 2264 8069