COSTA RICA: APPROVED REGULATION PRESIDENTIAL HOUSE LEGISLATIVE ASSEMBLY MINISTRY OF HEALTH AND CCSS (COSTA RICAN AUTHORITY ON HEALTH AND SOCIAL SECURITY) INS (NATIONAL INSURANCE INSTITUTE) MINISTRY OF LABOR (MTSS) TREASURY CUSTOMS COSTA RICAN INSTITUTE OF ELECTRICITY JUDICIAL AUTHORITY CENTRAL BANK, FINANCIAL SYSTEM SUPERVISORY NATIONAL BOARD (“CONASSIF” for its acronym in Spanish) AND SUPERINTENDENCIES MINISTRY OF…
Category Archives: Blog
16
Dec
Dec
The observance of New Year’s Day on January 1 is regulated throughout the region as follows: Costa Rica: Under Article 148 of the Labor Code, January 1 is declared a compulsory payment holiday. An employer who has a weekly payment method (non-commercial activity), in which only the days worked are compensated must add the payment…
15
Dec
Dec
On Friday, December 25, Central America observes the feast of the nativity of Jesus Christ, which entails the enjoyment of a holiday regulated in the region as follows: Guatemala: The holiday is a mandatory pay date, applicable to 12 hours on December 24 and all day on December 25. An employee who works from noon…
At BLP, Blog
Costa Rica Tax Administration updates Income Tax amounts and tax credits from January 1st, 2021.
09
Dec
Dec
By Decree, the Tax Administration updated the income tax amounts and credits for: dependent personal work, retirement or pension, or other remunerations; legal entities; and natural persons with lucrative activities, as detailed below: Income Tax for dependent personal work, retirement or pension, or other remunerations (salary tax) Amount Tax Up to ¢842.000,00 Exempt Over the…
08
Dec
Dec
Labor Transitional provisions to protect employees with underlying medical conditions vulnerable to Covid-19 On November 19, 2020, the Legislative Assembly enacted transitional provisions to protect employees with underlying medical conditions vulnerable to Covid-19 (“Transitional Provisions”). These provisions extend a decree enacted in September 2020 which was in force until October 23, 2020. Scope of application: The…
11
Nov
Nov
By resolution DGT-R-38-2020, the General Directorate of Taxation determined that inactive entities registered before the Tax Administration under the economic activity code 960113, “legal entities constituted in the country that do not develop economic activity from a Costa Rican source”, must file an Income Tax Return using form D-101. The information to be submitted must include…
26
Oct
Oct
At the law firm where I am a partner, we are fortunate to have a culture oriented towards diversity and inclusion. It´s part of our DNA. However, a few days ago, while discussing the organization of a webinar for our clients, we agreed unconsciously on a panel of speakers comprised only of men. When somebody…
16
Oct
Oct
Effects of COVID-19 and the 2018 socio-political crisis of the real estate market in Nicaragua. It is nothing new that COVID-19 came in like a hurricane in the middle of the summer. No one expected it, no one was prepared and most of the responses have been simply reactive to the situation. In Nicaragua, even…
15
Oct
Oct
The Costa Rican Social Security Fund (“La Caja”) has recently sent a message to all employers informing of modifications to the composition percentages of the Labor Capitalization Fund (FCL)) and the Obligatory Pension Scheme (ROP), based on the Law to Safeguard the Right of Workers to Withdraw Supplementary Pension Resources, law number 9906, which has…
08
Oct
Oct
Are you aware of the formal tax obligation of inactive companies in Costa Rica? Below, we detail this obligation and suggest how to comply with it in time to avoid sanctions. What is this new tax compliance about? The formal obligation consists of filing declaration D.135 called, Asset Declaration for Inactive Legal Persons. Who must…