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I understand that inactive/passive SA´s used by many of us to handle ownership of personal residences in CR is now subject to the new CR tax at the 25% rate. If that is not correct, please tell me. If it is correct, can someone tell me where and how I can make this payment? Thank you. DC Bob
The new Corporation Tax which comes into effect on April 1, 2012, will impose a tax on both active and inactive (holding) companies, with inactive companies being taxed at 50% of the tax rate of the active companies. The tax will be due in the month of April 2012 and will be approximately $134.00 U.S., at current exchange rates for the balance of 2012, for inactive companies. In the future, the tax will be due in the month of January of each year and will be approximately $180.00 U.S. at current exchange rates for the full year for inactive companies. The procedures for payment of the tax are yet to be announced by the Government.
[quote=”bstckmn”]I understand that inactive/passive SA´s used by many of us to handle ownership of personal residences in CR is now subject to the new CR tax at the 25% rate. If that is not correct, please tell me. If it is correct, can someone tell me where and how I can make this payment? Thank you. DC Bob[/quote]
In conversation with my attorney yesterday, Aprol 7, I was informed that the [u][b]SA taxes will be applied IN FULL[/b][/u] to any corporation that holds any asset (vehicle, land, house, etc.) whether there is income produced or not.
i know someone who just paid this tax on a corporation that owned his house and he only paid the C67,000.
[quote=”maravilla”]i know someone who just paid this tax on a corporation that owned his house and he only paid the C67,000.[/quote]
But, where do you pay it? Same place you pay your corporation held property tax??
Wait, never mind…to many different threads to check. I’ll wait and see too.
Like everything else in Costa Rica…….just wait and see! The only ones rushing to pay the tax…expats.
[quote=”maravilla”]i know someone who just paid this tax on a corporation that owned his house and he only paid the C67,000.[/quote]
That would be good news but it might depend on when the tax was paid. The tax was supposed to go into effect on April 1st but according to my attorney they are still in the process of making changes.
I have a meeting with her tomorrow and will find out more.
A friend of mine received the following quote today from his San Jose attorney”
[b]”I have several questions and doubts regarding the process of approval of this law, as well as how it is going to be applied by the Government. In fact, I expect that today several actions of constitutionality will be filed and others were filed about a week ago.
I have been recommending to my clients to wait for a couple weeks before making the payment or take any actions regarding this law. However, in the worst case scenario, the penalty for not pay this tax within this month will be 12 colones per day, some 360 colones per month (less than one dollar).”[/b]
Sounds like good advice to me, and we have all been told that the best attorneys are in the Central Valley!!
[quote=”costaricabill”]A friend of mine received the following quote today from his San Jose attorney”
[b]”I have several questions and doubts regarding the process of approval of this law, as well as how it is going to be applied by the Government. In fact, I expect that today several actions of constitutionality will be filed and others were filed about a week ago.
I have been recommending to my clients to wait for a couple weeks before making the payment or take any actions regarding this law. However, in the worst case scenario, the penalty for not pay this tax within this month will be 12 colones per day, some 360 colones per month (less than one dollar).”[/b]
Sounds like good advice to me, and we have all been told that the best attorneys are in the Central Valley!![/quote]
Francisco Villalobos Brenes was the head of Costa Rica’s tax administration and the idea man behind the corporate taxes.
[b]This from the Tico Times of Aprol 4:[/b]
Francisco Villalobos Brenes, head of Costa Rica’s Tax Administration, resigned this Tuesday night as an investigation by local daily La Nación informed he had a tax debt of ¢1.8 million (some $3,500), from his 2008 declaration.There will be a supporting legislation that must be passed before the taxes become official. Now that Francisco Villalobos Brenes has resigned everything seems to be up in the air. My attorney suspects that the suppoerting legislation will be passed just days before the time limit runs out. How we will bw affected is unknown.
Do we need wonder further why the tax system in Costa Rica is not working when the head of the taxation department can flaunt the law?
What is needed is enforcement and enforcement costs money up front. There is no doubt that rigorous enforcement would be profitable but it is not happening.here is the latest I have eeen:
the last thing I heard / read about that tax is that all the corporations are being charged as inactive. The Tax department was supposed to provide a list of the active corps. to the national registry, which they off course not did. Now the registry is supposed to find out on their own ….. therefore no matter if your corp. is active (business registered with tax department) or inactive, you pay only the 140 $ (mas o menos)
Nevertheless, I will wait until last minute, plus, I read that the fines for late payment are tiny.
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