Costa Rica: Single Tax of 15% on Financial Income

If the Treasury's proposal succeeds, interest on bank deposits would incur 8% to 15%, while for revenues generated by mutual funds, the tax would rise from 5% to 15%.

Thursday, March 19, 2015

This unification is due to the fact that currently there are different taxes for similar types of income, therefore the tax is not neutral, according to the CEO of Taxation. In the case of surplus cooperatives and solidarity associations, the project proposes "... Keeping the current tax of 5% for amounts of income less than minimum wage exempt from tax. "

Anabelle Ortega, executive director of the Chamber of Banks, told Nacion.com that "... We are concerned that the increase on income tax on investment certificates from the current 8% to 15% may discourage savers, which would undermine savings and investment. "

For his part, the director general of taxation, Carlos Vargas, added "... When you set
different rates for revenues that come from similar sources what it does is establish the conditions for arbitration in favor or against. The logic is globalizing, via the rate, establishing the same rate for all the different income of that nature, which is 15%. "



More on this topic

Costa Rica: Changes in Income Tax

March 2015

The reform under public consultation includes tax on remittances sent abroad, on the payment or crediting of interest, commissions and other financial expenses by natural or legal persons domiciled in Costa Rica.

From the order by the Ministry of Finance published in La Gaceta:

Nicaragua: Tax Increase for Non-resident Investors

December 2014

With the reform to the law on Tax Concentration non-resident investors in the country will have to pay 15% instead of 10% on income earned from capital.

According to Juan Sebastian Chamorro, executive director of the Nicaraguan Foundation for Economic and Social Development, the new reform "...

Costa Rica: Details of Anti Tax Evasion Bill

August 2014

Limiting the deduction of interest from income tax and eliminating the exemption from payment of 15% for dividend distribution between companies are part of the changes included in the project.

The Bill to Improve Anti-Tax Fraud, presented by the Ministry of Finance amends various tax issues that must be taken into consideration by companies operating under Costa Rican law.

New Taxes Approved in El Salvador

August 2014

As part of the tax reform promoted by the government a tax has been approved on financial transactions and changes have been made to income tax.

From a statement by the Legislative Assembly of El Salvador:

Companies with more than $150,000 in sales a year will pay a minimum tax rate with the new tax reforms.

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