Law that suspends VAT charge on construction services enters into force On September 16, 2020, Law N°9887, which suspends the Value-Added Tax on engineering, architecture, topography, and construction services for civil works until August 31, 2021, entered into force. Moreover, for the years 2021 and 2022, the law reduces the VAT charge to 4% and…
Category Archives: News
10
Sep
Sep
The Costa Rican government has issued a regulation exempting spare parts for electric vehicles and fast-charging centers from the Value-Added Tax (VAT), Selective Consumption Tax, and the 1% tax over customs value. The regulation also established the obligation for electric vehicle importers to inform the Energy Direction of the MINAE, during September of each year,…
10
Sep
Sep
On September 8, 2020, the Nicaraguan National Assembly approved the proposed reform of Law 532, a law for the promotion of electricity generation with renewable sources. Since its approval in 2005, this law has undergone several reforms through which the tax incentives that were initially given to electricity generation projects from renewable sources have been…
Blog, News
Reforms to the General Law of Public Records, Law 698, and the Commercial Code create the Registry of Final Beneficiary of Commercial Companies in Nicaragua.
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Sep
Sep
On Friday, August 21, the National Assembly approved the Law of Reforms to the General Law of Registries and an article of the Commercial Code, creating the bases for a Registry of the Final Beneficiary of Commercial Companies. What is a Final Beneficiary? It is the natural person who owns or controls a legal person…
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Aug
Aug
On Friday, August 21, the Nicaraguan National Assembly approved the creation of the Registry of Final Beneficiaries, through reforms to the Registries General Law on and the addition of one article to the Commercial Code. This Registry is intended to provide certainty of who are the true owners or controllers of legal persons operating in…
13
Aug
Aug
On Saturday, August 15, 2020, Costa Rica celebrates Mother’s Day which was established as a holiday of mandatory payment according to article 148 of the Labor Code. This year, under Law No. 9875, Transfer holidays to Mondays, to promote internal visits and tourism during the years 2020 to 2024, the enjoyment of Mother’s Day from a…
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Jul
Jul
The Government announced on Thursday, July 23, 2020, the beginning of the gradual and safe opening of the Juan Santamaria International Airport and the Daniel Oduber Quirós International Airport. Costa Rica received the seal as a safe destination from the World Travel and Tourism Council; therefore, this protocol received recognition from this Council. The guidelines…
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Jul
Jul
Yesterday, the Legislative Assembly approved in first debate two bills of law intending to extend the VAT exoneration applicable to tourism and construction services. Regarding tourism services, the bill proposes that during the first two years of the entry into force of the Strengthening of the Public Finances Law (until June 30th, 2021), tourism services…
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Jul
Jul
On July 25, 1824, the people of the Party of Nicoya, a territory known today as Guanacaste, decided to join the Province of Costa Rica. Given the relevance of this historical event, this date was established as a compulsory payment holiday. This year in compliance with Law No. 9875 which was implemented to Transfer holidays to…
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Jul
Jul
Elimination of the restriction on the export and re-export of products for surgical use The Costa Rica´s General Directorate of Customs issued the statement DGA-028-2020, by which it reports that the products indicated in article 1 of Executive Decree No. 42291-MEIC-S-COMEX, may be exported without the prior requirement of the export license, issued by The Ministry…