In order to tax the total amount of profits of individuals or corporations based in Costa Rica, regardless of where their profits are generated, a bill was submitted to the Assembly that seeks to amend the Income Tax Law.
Currently in Costa Rica a territorial income system is applied, which consists of taxing profits produced exclusively at the local level. If the Income Tax Law is modified, the situation could change.
The new tax reform proposal presented by the Ministry of Finance of Costa Rica includes the creation of a global income system to impose and collect a tax on the profits of companies and individuals.
Taxing all of the profits of natural and legal persons, including those currently paid separately by the identity code income method, is the principal new feature of the new tax reform plan presented by the Ministry of Finance.
Payment schedule for liabilities in January 2015 and Memorandum on Tax Bancarization.
Tax Memorandum
The requirement for Tax Bankarization is regulated by Articles 20 and 21 of Decree No. 20-2006, articles which were amended by Articles 27 and 28 of Decree No. 04-2012, specifically in order to change the amount of bankarization amount from $6,585 to $3,951
Schedule of payment of liabilities for December 2014 and Tax Memorandum on the new control department for exempt taxpayers.
Tax Memorandum
Department of Control for Exempt Taxpayers
The SAT is directly notifying taxpayers of the creation of a Department of Control for Exempt Taxpayers
The core of the notification indicates that:
"The Superintendency of Tax Administration has implemented a Control Department for Exempt Entities to provide in a comprehensive manner, service, control and monitoring of compliance with tax and customs obligations; and verify the proper use of the benefits of those entities that enjoy tax breaks of any kind.
Payment schedule of obligations corresponding to August 2014 and Memorandum on Tax Regulation on Occupational Health and Safety.
Tax Memorandum August 13th to 14th, 2014.
Regulation of Occupational Health and Safety
The Ministry of Labor and Social Welfare published in the official newspaper La Gaceta of August 11, 2014 Governmental Agreement No. 229-2014 through which issues the "Regulation of Occupational Health and Safety" must be observed by all employers. Its validity is from February 11, 2015, ie there are six months to implement the measures for occupational health and safety, required by this Regulation.
Calendar of payment obligations for July 2014 and Memorandum Tax on banking secrecy.
Tax Memorandum August 12nd - 14th 2014
Is bank secrecy is over?
All OECD countries as well as others such as Costa Rica have committed to the automatic exchange of tax information.
Because of the importance of this topic, the following is transcribed from a statement issued by the Organization for Economic Cooperation and Development (OECD):
An announcement by the SAT relating to audits on quarterly income tax payments and payment schedule of obligations corresponding to April 2014.
Tax Memorandum May 7-14 2014
Quarterly income tax payments and supervision of the Superintendency of Tax Administration (SAT):
The SAT has recently announced that it will oversee statements on Quarterly Payments of ISR, especially the deductibility of expenses and is also asking for integration of expenses reported as nondeductible.
An announcement has been made that greater control will be exerted in verifying payments of income taxes by large taxpayers.
Due to the decline in revenue from income tax and irregularities in the internal collection agency, the Directorate of Revenue has announced it will increase controls on businesses.
In an article on Latribuna.hn Miriam Guzman, head of the institution, "emphasized that the auditing by the DEI, will not decrease, while at the same time business owners are being invited to "avoid having to be objects in criminal prosecutions led by the relevant authorities."
2013 declaration of Income Tax and schedule for payments in February 2014.
Tax Memorandum February 4th-14th 2014
Need to integrate the cost of sales
March 31 is the deadline for the declaration of Income Tax - ISR- for the year 2013 and considering that the SAT is exercising control more often and with more resources, such as technology, information provided by the taxpayer such as the case of the report on stocks of inventories kept up to the closing date, classification of taxpayers and other things, it is important to prepare this statement including amounts that are integrated and supported with the appropriate legal documentation. Of course, this is in the case of the taxpayer settling heir tax bill and being registered in the System On Profits From Lucrative Activities.
A controversial clause which invalidated the right to deduct anticipated monthly minimum payments in settlement of income tax has been removed from the declaration form.
After receiving criticism from the private sector and experts claiming that the amendment violated the tax law, the Directorate General of Revenue (DGI) has removed from the tax form the check box that did not recognize the right of deduction of anticipated minimum monthly payments in settlement of income tax (IR).
2013 declaration of Income Tax and schedule for payments in February 2014.
Tax Memorandum February 4th-14th 2014
Need to integrate the cost of sales
March 31 is the deadline for the declaration of Income Tax - ISR- for the year 2013 and considering that the SAT is exercising control more often and with more resources, such as technology, information provided by the taxpayer such as the case of the report on stocks of inventories kept up to the closing date, classification of taxpayers and other things, it is important to prepare this statement including amounts that are integrated and supported with the appropriate legal documentation. Of course, this is in the case of the taxpayer settling heir tax bill and being registered in the System On Profits From Lucrative Activities.
A memorandum has been released detailing tax reforms to the Law on Income Tax, and payment and obligations schedules corresponding to January 2014.
Tax Memorandum 1 to 14 January 2014
Amendments to the Law on Income Tax
Decree No. 19-2013 contains amendments to the Law on Income Tax (ISR by its initials in Spanish) contained in Decree No. 10-2012 and which was published in Diario de Centro América on December 20, 2013.