American Expatriate Costa Rica

Fallas: “if the bill is passed, tax collection will be partial”

If the bill on public limited company in common law jurisdictions tax is passed in a second reading, the collection will be partial.

This was explained by Helio Fallas, Minister of Finance, and Carlos Vargas, Director of Taxation.

Officials explained that if the Constitutional Chamber and legislators passed the bill, the tax could only be charged from the date on which the law is in force. That is, proportionally and not for the whole year.

The resources that are collected with the tax are destined to the ministries of Public Security and Justice and Peace.

Fallas explained that taking into account this proportionality, the collection would hardly give “a short break” to government finances in 2017, as the Executive should compensate some part of what is not collected.

The legislators approved in the first reading the project on January 16th.

At the moment, the draft was sent to the IV Chamber and legislators cannot vote it until magistrates express their position.

The bill intends that legal persons without commercial activity pay a fare of ¢ 63,600 each year, as well as those with economic activity, but without reported income.

crhoy.com