Costa Rica: Proposal for Fiscal Reform and SMEs

Tax on income of 25% will be calculated relative to net annual profits.

Wednesday, April 6, 2011

The reform also requires companies to register with the Ministry for Economy and Industry or with the Ministry for Agriculture as appropriate.

"In this way small and medium sized enterprises (SMEs) will be able to enjoy exceptional benefits relative to the 30% general rate for most companies," comments the article in Elfinancierocr.com.

Costa Rica's fiscal reform seeks to eliminate the 10%, 20% and 30% income tax rates applicable to certain incomes in order to leave just one general 30% rate.

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More on this topic

SMEs: Deadline Approaches for Tax Exemptions

November 2013

SMEs in Costa Rica have until December 16 to register or renew their status with the SME Registration for exemption from the corporations tax.

A press release from the Ministry of Economy , Industry and Trade reads:

The Ministry of Economy, Industry and Commerce through the Directorate General for Support of Small and Medium Enterprises, wishes to inform all companies which are registering for the first time with the Registery of SMEs , or those who have their SMEs status but need to renew it, that they should undertake the process no later than December 16, 2013.

Costa Rica: Small Businesses and the Tax Package

October 2011

The Chamber of Industry reports that small businesses will be significantly affected by the amount of taxes proposed in the tax package being studied in the Legislative Assembly.

From the press release:

The tax plan will significantly increase income tax payments for smaller companies

New Changes to Costa Rica's Tax Reform Project

April 2011

Facing pressure from political parties and productive sectors, the government decided to change the project.

Modifications include a new set of basic products extent from value added taxes and changes to the "social economic" sector, which includes solidarity associations, cooperatives and the "Banco Popular".

Costa Rica Eases SME Certification

June 2010

Authorities have opened regional offices, called “Creapymes”, which certify companies as Small and Medium Enterprises (SME).

Previously, the procedure could only be completed at the central offices of the Economy, Industry and Commerce Ministry, in the capital city of San José.

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