Costa Rica: Banks Facing Tax Reform

In its comments on the bill on income tax and sales reforms currently under public consultation, a request has been made that financial institutions be subject to a system of global and not published income.

Tuesday, April 21, 2015

From a statement issued by the Costa Rican Banking Association (ABC):

ABC submitted their comments on the draft amendments to the income and sales taxes

The Association insists that amendments must be made to the Law on Income Tax, particularly in its application of proportionality to banks and global income. The entity supports the change in the tax system, in terms of migration to overall income and the establishment of value added tax (VAT).

The Costa Rican Banking Association (ABC), presented on Friday, with the Ministry of Finance, its comments to the public consultation on the draft amendments to the Law on Income Tax and Sales Tax Act.



More on this topic

Banks Win Tax Lawsuit

May 2019

In Costa Rica, the banking sector won a lawsuit it imposed against the Ministry of Finance, arising from disagreements over the method used to calculate tax payments.

The legal dispute dates back several years, since in 2003 the General Directorate of Taxation (DGT) validated the methodology suggested by the Costa Rican Banking Association (ABC) to calculate the payment of taxes on the income of financial intermediaries.

Costa Rica: Consultation on Tax Reform Extended

March 2015

The Ministry of Finance has postponed until April 17 the deadline for companies to make their comments on the draft legislation reforming income and sales taxes .

Originally the deadline for providing comments on the tax proposal was March 27, but at the request of several sectors it has been extended until April 17, according to the chief of Finance, Helio Fallas.

Nicaragua: Tax Exemptions for SMEs

December 2014

Exemption from VAT and income tax for SMEs operating under the fixed quota regime will be retained in the Tax Act Coalition whose reform is being proposed by the Executive.

There are about 200,000 small and medium enterprises (SMEs) operating under the so-called fixed quota regime, contributing 40% to gross domestic product (GDP).

Costa Rica: Minister Calls for Tax Rise

October 2014

The Vice President and the Minister of Finance have insisted that the Assembly adopt a draft law to establish global income and convert the sales tax into value added tax.

This December is the date set for the plan to convert to sales tax into value added tax (VAT) and for the first quarter of 2015, the bill on global income. Also in 2015 a draft law will be submitted on the Framework Law on Exemptions.

 close (x)

Receive more news about Banking

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Tailor made software for construction companies

O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(May 27)
Brent Crude Oil
36.04
Coffee "C"
106.65
Gold
1,697
Silver
17.445