The Constitutional Chamber has granted approval for the Assembly to adopt, in full, the bill proposing a tax on legal persons which was approved in a first debate in January this year.
The judges of the Constitutional Court found no flaws in the text of the law, giving endorsement to the Legislative Assembly so that it can approve it on a second reading and pass it into law.
The main private sector union in Costa Rica has agreed to form a technical team together with the government to create a database of corporate shareholders.
The Costa Rican Union of Chambers and Associations of Private Enterprise (Uccaep) agreed with the Government of the Republic to form a team (including tax and computer experts) to assess the conditions for creating a database of shareholders, reported Nacion.com.
In Panama a new constitutional ruling prevents outsourcing of tax collections to private natural and legal persons, repealing a presidential decree.
The Supreme Court (CSJ) declared as unconstitutional paragraph 3 and subsequent paragraph of Cabinet Decree 109 of May 7, 1970 that allowed the public function of tax collections to be carried out by private individuals and corporations, which was aimed at monitoring the collection of taxes.
Through a constitutional ruling, corporation tax will not be incurred by corporations, Limited Liability companies, Collectives, Individual Limited Liability Companies and branches of foreign companies.
From a statement issued by the Institute of Chartered Accountants in Costa Rica:
January 2016. Income tax for legal persons (known as Corporation Tax) for this year was suspended by a decision of the Constitutional Court which declared unconstitutional Articles 1, 3 and 5 of the 9024 Tax Act on legal persons, reported the Institute of Chartered Accountants in Costa Rica.
Power has been removed from the Tax Authority to preemptively close companies found committing fiscal offense.
The Constitutional Court of Guatemala (CC) gas definitively removed from the authority of the Superintendency of Tax Administration (SAT) its ability to make preventative closures of businesses found not to be complying with the tax laws of the country. The CC had already suspended the rules on an interim basis.
The General Directorate of Taxation is preparing regulations to govern the sales prices of goods and services between companies considered as related to each other.
This regulation is currently under review by the legal department of the Ministry of Finance. The aim is to have it in force before the end of the current administration, said Carlos Vargas, CEO of Taxation.
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