Costa Rica: Debt Forgiveness for Tourism Companies

A bill intends to forgive, subject to conditions, payments owed for sales tax, interest and penalties by businesses in the tourism sector.

Wednesday, November 12, 2014

From a statement issued by the President of Costa Rica:

Bill proposes to waive debts held by tourism businesses

• exemptions will be given from payment of sales tax, interest and penalties.
• Government will send the file immediately to the Legislature.

The Executive presented (Tuesday November 11) a bill to remit payments for sales taxes, interest and penalties for tourism businesses, which are a product of delivery of services and at recreation centers and similar places, incurring tax in accordance with the Law of General Sales Tax (IGV).

"The project covers only businesses and tourist activities, who before the effective date of this Act, had not been registered as taxpayers of sales tax and who have provided services in recreation centers or similar, but only if they register as taxpayers." said the Vice President of the Republic, Ana Helena Chacón.



More on this topic

Tax Incentives for Agriculture

January 2020

In order for Guatemalan producers to compete under the same conditions as neighboring countries, the government is preparing a bill that seeks to exempt agricultural inputs from VAT.

The initiative, known as the "Fiscal Equity Law", is being prepared by the Ministry of Agriculture, Livestock and Food (Maga), because, according to the institution's top official, other Central American countries do not charge value-added tax (VAT) on agricultural inputs.

Panama: Strengthen Penalties Against Evaders

January 2019

The law that criminalizes tax evasion was approved by the National Assembly when the amount defrauded in a fiscal period of one year is equal to or greater than $300.000.

With a majority vote, Project 591, which criminalizes tax evasion in the Criminal Code and is considered a crime resulting from money laundering, was approved in the third debate, informed the Legislative Assembly.

Transfer Pricing in Guatemala

January 2015

With entry into force once again of the rule on transfer pricing, companies must take into account all the requirements in order to avoid penalties and adjustments to income.

The regulations in force since January 1 require taxpayers to adequately demonstrate and justify "... the amounts of payments and / or profit margins in their transactions with related parties" in order to ensure fair competition and collection of taxes.

Tax Moratorium Approved in Panama

October 2014

Once it has been enacted by the executive, the moratorium law will be in effect until the last working day of the year and can be exercised by taxpayers who are in arrears up until September 30, 2014.

The law which provides exemptions from penalties, interest or fines was approved on its third reading by the National Assembly of Panama and will become effective one day after its enactment.

 close (x)

Receive more news about Taxes

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


Heavy Equipment: Reps Wanted

Recognized Brazilian company of backhoe loaders, telescopic, articulated and other types of cranes looking for companies interested in representing the brand and distributing their machinery in Central America and Mexico.
The company manufactures and sells telescopic,...

Stock Indexes

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

Commodities

(Oct 21)
Brent Crude Oil
42.13
Coffee "C"
107.00
Gold
1,927
Silver
25.29