In Costa Rica, modifications to the salary tax brackets establish that income of up to $1,394 will be exempt from collection of the tax, and those exceeding $1,394 and up to $2,046 will pay 10%.
Thursday, June 27, 2019
On June 25, the Ministry of Finance published in La Gaceta the new income tax brackets to be applied to salaries between July 1 and September 30, 2019.
The publication details that the tranches will remain like this:
"a) Income up to ¢ 817,000.00 ($1,394) per month will not be subject to tax.
b) On the excess of ¢ 817,000.00 ($1,394) per month and up to ¢1,199,000.00 ($1,394) per month, ten percent (10%) shall be paid.
c) On the excess of ¢1,199,000.00 ($1,394) monthly and up to ¢2,103,000.00 ($3,589) monthly, fifteen percent (15%) shall be paid.
d) On the excess of ¢2,103,000.00 ($3,589) per month, and up to ¢4,205,000.00 ($7,176) per month, twenty percent (20%) shall be paid.
e) On the excess of ¢4.205.000,00 ($7.176) per month, twenty-five percent (25%) shall be paid."
After the period for which these modifications were fixed expires, a new table will be published that will apply for the next 15 months beginning October 1 of this year.
For fiscal year 2013, gross wages subject to the payment of income tax are those exceeding 714,000 colones per month ($1,434 at today's exchange rate).
Between ¢714,000 ($1,434) a month and ¢1.071 million ($2,151) will incur tax of 10%. If the amount exceeds ¢1.071 million ($2,151), an additional tax of 15% will be paid on the excess.
Among other measures, the bill proposed by the government examines establishing regimes for income tax and eliminating accreditation for VAT returns, a method that has encouraged evasion.
The new Guatemalan government has refined its proposed fiscal law reform, which includes proposals such as removing the accreditation of the VAT tax and setting different levels for the deduction of income tax.
The tax on corporate income will rise from 25% to 30%, while tax on dividends will be reduced.
The legislative body of El Salvador has approved the fiscal reforms promoted by the Executive, with 66 votes in favor and 17 against.
The major changes include increasing income tax for businesses, which will raise to 30%, except for companies with revenue of less than $150,000, who will continue to pay 25%.
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