GAZETTE SUMMARY BILLS OF LAW Strengthening of Public Finances This bill of law intends to transform the current Sales Tax into a Value-Added Tax that would apply to all services. In addition, it presents important amendmentsto the Income Tax Law, such as the tax on capital gains. (Published in the Digital Appendix No. 120 of…
Category Archives: Blog
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Jan
Jan
At BLP we are proud to quote one of our clients that “Successful businesses cannot exist in failed societies”. We recognize that our success depends on keeping the societies in which we work functioning and robust. As a vital part of our mission, we seek to safeguard our environment and exercise leadership within the business and geographical…
01
Jan
Jan
The Costa Rican Government recently unveiled a plan to legalize and regulate the cultivation of hemp and medicinal cannabis in our country, as a key element for its economic reactivation. The commercialization of products containing CBD (including food, beverages, and cosmetics) is already permitted here, presenting an important business opportunity. Estimations are that the global…
01
Jan
Jan
GAZETTE SUMMARY LAWS Exchange of information on tax matters between the Republic of Costa Rica and the States of Guernsey Through Law 9551 of May 9, the Legislative Assembly approved the whole text of the “Agreement between the Republic of Costa Rica and the States of Guernsey for the exchange of information on tax matters”….
01
Jan
Jan
We must prepare ourselves to implement the changes that are required at the organizational level, related to the Supreme Electoral Tribunal Decree that will be published at any time in the Gazette, which gives the possibility of changing a name in accordance with gender self-determination to which each person is entitled. Workplace preparation should focus…
01
Jan
Jan
For reasons of force majeure, or public interest, the Public Administration can declare the suspension of a contract (article 210 of the Public Contracting Regulations), the suspension of the contract’s term (207 of the Public Contracting Regulations) or even revoke the contract (article 11 of the Public Contracting Law and article 214 of its Regulations,…
Blog, News
Ministry of Finance issues resolution to apply for an extension of the maximum deducibility limit for non-bank interest.
01
Jan
Jan
Article 9bis of the Income Tax Law determined the maximum deducibility limit for non-bank interest, which is 20% of the profit before interest, taxes, depreciation, and amortization (EBITDA). Likewise, this article established that the Treasury has to regulate the procedure for the taxpayer to apply a different limit for the deductibility of net interest expense…
01
Jan
Jan
GAZETTE SUMMARY EXECUTIVE DECREES Applicable depreciation for photovoltaic panels The list of assets included in the Annex No. 2 of the Regulations to the Income Tax Law named “Depreciation Method and Percentages” was amended with the aim of acknowledging depreciation as a tax-deductible expense for Income Tax purposes as follows: Asset or activity Annual…
01
Jan
Jan
The BLP team advised BMR Energy, a subsidiary of Sir Richard Branson’s Virgin Group, on closing the $7 million acquisition of the Valle Escondido Solar Project, the only solar project of its size in Costa Rica, a significant investment in the country’s renewable energy. Under the new structure, BMR Energy will assume the construction and…
01
Jan
Jan
Lawyers, Public Notaries and their new designation as Mandatory Subjects under Law No. 977, Law against Money Laundering (LA / FT / FP). As of 2019, Nicaraguan lawyers and notaries public become part of the National System: Against the Laundering of Assets, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction….