New Taxes on Cooperatives and Solidarity Associations

The fiscal consolidation document presented by the Ministry of Finance of Costa Rica proposes considering surplus capital distributed by cooperatives and solidarity associations as passive income.

Thursday, October 24, 2013

"Capital passive income, is, for example, dividends, mutual funds and bank deposits, among other things, which currently have different rates. The initiative proposes a single rate of tax for them. "

According to the president of the National Council of Cooperatives, Jesus Villalobos, the idea has not been proposed properly. The "... issue is to wait for them to call us and we make the formal proposal, because I feel that what is happening is that this is a smoke screen," he added.

The fiscal consolidation document arose from queries by various people, however, among them were not included solidarity associations or co-operatives.

More on this topic

Another Attempt To Approve a Fiscal Reform

November 2017

In Costa Rica, the new proposal from the Solis administration's imposes tax on a greater amount of goods and services, such as air tickets, books, packaging and bottling, but with differentiated rates.

As the government's initial idea to convert the sales tax into a value-added tax and raise it from 13% to 15% did not prosper, the Ministry of Finance decided to expand the range of goods and services to be taxed, in order to compensate part of the funds that could not be raised from raising the rate from 13% to 15%.

Costa Rica: Regulation for Solidary Associations

June 2017

Regulations are being prepared to supervise the activities of solidarity associations, whose volume of credits is equivalent to that managed by the 7 smallest private banks in the country.

At the end of 2016, the volume of loans granted by solidarity associations totaled $6.425 million, according to data provided to by the Solidarity Movement. The plan of the General Superintendency of Financial Entities (Sugef) is to create a separate regulation for these entities, which since 1995 have been operating without any supervision by the authorities.

Costa Rica: Anti Tax Evasion Bill

June 2014

The new Solís administration plans to establish the Value Added Tax and demand proof of tax payment for procedures in public institutions and on application for bank loans.

The tax reform being prepared includes a bill to reform income tax. This is part of a project by the Ministry of Finance which includes 55 specific actions among which are changes in the area of ​​income, reducing government spending and control of state borrowing.

Tax Changes in Costa Rica

March 2012

Already approved in the first instance, the draft Law on the Solidarity Tax involves substantial changes which will in general raise taxes on productive and commercial activities.

An article in reviews the main consequences of the adoption of the fiscal plan.

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