Reforms to the Costa Rican Tax System

The reforms include provision for a fine for non payment of partial income taxes, facilitation of tax refunds, and streamlining of tax collections on luxury homes.

Tuesday, August 9, 2011

The Legislature has approved the "Project for urgent reforms of the tax administration", the first of the proposals included in the tax reform promoted by the Chinchilla administration in the package entitled "Solidarity Tax Act."

Amendments and additions approved by the Legislature include:

"Article 80.- Violation for not practicing partial payments. Taxpayers who fail to comply with the duty to make partial payments set out in Article 22 of the Law on Income Tax, Law No. 7092 of April 21, 1988, as amended, in the amount and the terms provided therein should settle and pay a fine equivalent to three percent (3%) per month or fraction of a month elapsed from the moment when the partial payment was due until the date of actual payment or the payment of income tax corresponding to the fiscal period.”

"Article 47 .- Return. Any return by way of taxes, including the respective interests, among other charges, if any, regardless of the financial year in which the credit was generated, shall be charged to the revenue side of the fiscal year in which the return runs.

“Article 3 .- Tax Act to Strengthen Solidarity Program Housing Act 8663, to November 19, 2008, as follows:
Article 7 In case of transfer of ownership of immovable property, the new owner will be jointly and severally liable to pay the tax for the fiscal period in effect at the date of acquisition, as well as interest."

"Article 12 .- Lack of income by omission or inaccuracy, taxpayers who through the omission of the declaration or inaccurate filing, do not make payments due within the statutory time limits, will incur tax in accordance with that established below:
Be deemed to be inaccurate, the declaration filed and one that having been filed, contains a value which is more than ten percent (10%) of which must be declared.
In the cases listed above, taxpayers will incur penalties provided for in Article 81 of the Code of Tax Rules and Procedures.
The penalties under this article shall apply the provisions of Article 88 of the Code of Tax Rules and Procedures. "
"Transient unique. The penalties provided for in Article 12 of this Law shall apply to fiscal years 2009 and 2010. "

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