Post by Sapphire Capital on Jul 12, 2008 21:12:20 GMT 4
Every October 1, a new fiscal year starts for Costa Rican ordinary taxpayers and thus a new income tax rate schedule was established by the government. The new tax basis for both individuals and corporations were established by decrees number 34039-H-07 and number 34041-H-07 as follows:
* Employees would with monthly salaries up to C508,000 ($1,022): Exempt.
* On the excess of C508.000 colones and up to C762,000: 10%.
* On the excess of C762 million: 15%.
On the other hand, corporations would be subject to a 30% income tax rate on annual income that exceeds C67,791 million; companies with income lower than C67,791 million and exceeding C33,701 million would be subject to a 20% rate; companies with income that exceeds C33,701 million would be subject to a 10%.
The amounts subject to income tax are normally reviewed by the government for every fiscal year. In Costa Rica, the ordinary fiscal year goes from October 1 to September 30, nonetheless, subsidiaries of foreign companies could request a special fiscal year aligned to those of their parent companies resident abroad.
* Employees would with monthly salaries up to C508,000 ($1,022): Exempt.
* On the excess of C508.000 colones and up to C762,000: 10%.
* On the excess of C762 million: 15%.
On the other hand, corporations would be subject to a 30% income tax rate on annual income that exceeds C67,791 million; companies with income lower than C67,791 million and exceeding C33,701 million would be subject to a 20% rate; companies with income that exceeds C33,701 million would be subject to a 10%.
The amounts subject to income tax are normally reviewed by the government for every fiscal year. In Costa Rica, the ordinary fiscal year goes from October 1 to September 30, nonetheless, subsidiaries of foreign companies could request a special fiscal year aligned to those of their parent companies resident abroad.