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What type of solutions does location intelligence provide to governments
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Initially the ordinary period to declare the beneficial owners of the companies was due on April 30, but the authorities decided to extend the deadline to May 31.
This declaration was to be submitted during the month of April; according to resolution N°DGT-ICD-R-06-2020, however, due to the state of emergency facing the country due to the Covid-19 pandemic, these institutions agreed to extend the deadline, in order to guarantee the fulfillment of this obligation and facilitate voluntary compliance, informed the Ministry of Finance.
After in Costa Rica the mayor of Alajuela filed an action of unconstitutionality to revert the authentic interpretation approved by the deputies for the payment of real estate taxes applicable to free zones, the Chamber ruled negatively to the legal recourse filed.
The magistrates determined that the allegations presented on March 16, 2021 by Humberto Soto, mayor of the municipality of Alajuela, were incorrect and the appeal was rejected.
After the Mayor of Alajuela filed an action of unconstitutionality in Costa Rica to revert the exoneration of real estate taxes applicable to free trade zones, the business sector believes that legal certainty is being undermined.
On March 16, 2021 Humberto Soto, Mayor of the municipality of Alajuela, filed an action of unconstitutionality. This legal recourse has the objective of reverting the exemption that free zones enjoy for the payment of the real estate tax.
Once Cauca IV comes into force, Costa Rican consumers will be exempted from paying duties on Internet purchases made abroad by Costa Rican consumers that do not exceed $500.
The fourth version of the Central American Uniform Customs Code (Cauca IV) will take effect as of May 1 and according to Costa Rican authorities, the exoneration of duties will only apply to family shipments.
By submitting to the Costa Rican Legislative Assembly a new text of the dual global income bill, the Alvarado administration intends to guarantee the tax exemptions that companies operating in the free trade zone regime already benefit from.
The dual global income bill that was sent last January 22 to the Assembly created confusion among the deputies.
As of January 1, 2021, owners of homes whose construction value exceeds the equivalent of $217,000 will have to pay the tax known as the "luxury home" tax.
The modification of the minimum amount was communicated through the executive decree that was published on December 22 in the newspaper La Gaceta. With these changes, between 2019 and 2020 the minimum value of the properties that are subject to this tax was increased from $213,751 to $217,015.
The Legislative Assembly is preparing to consider, in the first debate, a bill aimed at exempting inactive companies from the obligation to file an income tax return.
The file of this legislative proposal is number 22,307 and was presented by Deputy Pablo Heriberto Abarca. The initiative will be discussed in the Assembly, despite the opposition of the Ministry of Finance.
For the first time, the country's Courts of Justice sentenced six people to 10 years in prison for tax fraud against the Public Treasury, a sentence that corresponds to the case of a clothing importing company that defrauded over $575,000.
Carlos Vargas, general director of Taxation, indicated that during 16 years the taxpayer who was condemned used all the procedural guarantees until the last instance.
In this scenario of economic crisis, falling tax revenues and the need to finance recovery programs, in Guatemala and Costa Rica it is already proposed to increase current taxes and create new ones.
Guatemalan authorities are already beginning to discuss the fiscal policy they will apply in 2021, when the economy will have to face the effects of the economic crisis generated by the covid-19 outbreak.
In order to access the $1.75 billion credit requested from the IMF, the Costa Rican government proposes to tax financial transactions, increase the tax on the profits of companies and individuals, and increase the tax on real estate.
On the afternoon of September 17, and in the context of a severe economic crisis that had been going on since before the beginning of the pandemic, the Alvarado administration presented the plan with which it intends to mitigate the fiscal impact of the Covid-19 crisis, a proposal to negotiate an agreement with the International Monetary Fund (IMF) to obtain a credit of $1.75 billion.
In Costa Rica, the Alvarado administration would be considering the creation of a tax on each transaction that a person or company makes through a financial entity, a tax that will discourage savings and motivate people to use cash.
In order to discuss a medium and long term credit with the International Monetary Fund, the Costa Rican authorities would be planning to design and create a new tax, which consists of each person paying a tax of ¢3 for every ¢1.000 in the transactions they make through a bank, finance company, mutual fund, stock exchange or any other financial entity.
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.
In order to update the Intergovernmental Agreement for the Effectiveness of the Tax Compliance Law on Foreign Accounts, signed by both parties in 2013, the governments of both countries signed a complementary agreement to FATCA.
According to the Ministry of Finance of Costa Rica, with the subscription of the complementary agreement, the legal basis of the FATCA (Foreign Account Tax Compliance Act) will be updated with the provisions of the Agreement with the Government of the United States of America for the exchange of information on tax matters, which will enter into force next September.
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