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%.
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 "...
The Taxation Office has sent to consultation a resolution that would require corporations to disclose information about their shareholders.
The Directorate General of Taxation has sent to consultation a resolution demanding that every society must report who their shareholders are. This measure, according to Carlos Vargas, chief of Taxation, aims to verify payment of transfer tax, in addition to meeting the standards of the Organization for Economic Cooperation and Development.
New guidelines from the Costa Rican Treasury Office will allow greater access to the most relevant data of companies who paid more than $500,000 in taxes in the past three years.
Large taxpayers now have the obligation to submit to the Directorate General of Taxation information on their financial status in unconsolidated digital format.
This measure is intended to increase oversight of the most important data of 500 companies which account for about 70% of the country's tax revenue. The Treasury defines major contributors to the company as those who paid more than $500,000 for taxes in the last three fiscal years.
Although there are countries in Latin American where paying taxes is an even more cumbersome task, the country needs to improve both the rules and the operation of the tax collection system.
According to PricewaterhouseCoopers (PWC), the country is located at No. 125 in the world rankings on how easy, or difficult, it is to pay taxes.
PWC data reveals that a company uses up an average of 226 hours per year in meeting its obligations and ensuring the payment of all taxes. In Central America, the country has the second best place, in contrast to Guatemala which occupies position 124.
español
9099
