After all the last minute adjustments and extensions made by the Costa Rican Tax Administration regarding deadlines and requirements to file and pay the new luxury home tax it seems that out of the 10,000 payers of this tax not all of them gave a serious thought to this call.

Due to this, the Tax Administration will start a notification process next week, starting with around 500 properties that they have identified as the group which would contribute with at least 70% of the goal figure.

Keep in mind that if you go ahead and do your homework by registering your property; filing and paying the tax before you get the aforementioned notification, you will be able to apply for up to 80% on the fine, otherwise you could be liable for up to 10 times the amount of the tax that you were supposed to pay on 15th January 2010.

Having said that, this is probably the second and last chance to file this tax without having to pay that much in late fees and fines.

You can see a list of our Taxes in Costa Rica articles here and Randall’s Costa Rica Property Taxes – The new tax on luxury homes finally approved here.

Written by Randall Zamora who is the President and CEO of CostaRicaABC.com, former CFO and Head of Accounting Department of multinational companies like Four Seasons Resort Costa Rica, active member of the Interamerican Accounting Association, Pro Bono Local Partner of The World Bank and contributor to their yearly publication “Doing Business Report.”

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Andrew Makarik

to@welovecostarica.com

Andrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.