On December 23, 2022, Executive Decree No. 43852-H was published in the official newspaper La Gaceta setting forth the new brackets of the single tax on income received for personal dependent work or retirement or pension and other remuneration for personal services (Salary Tax), the tax credits for individuals with lucrative activities (Tax Credits) and…
Tag Archives: Costa Rica
The President of the Republic and the Minister of Health have issued a decree, which is expected to be published in the Official Gazette in the following hours, which establishes the obligation of public sector employees to be vaccinated against COVID-19 for employees of the public sector, as well as the possibility for employers in…
Digital nomads can now establish their “offices” at Costa Rica’s beaches, in the mountains, near volcanoes, or within a variety of ecosystems. The country recently signed a pioneering law of a singular kind to attract workers and remote service providers on an international scale. With these new regulations, Costa Rica has instituted an ideal legal…
BLP advised the seller, Grupo Orbis (Pintuco), on this regionally impactful transaction employing attorneys from each of our offices in Costa Rica, Nicaragua, Honduras, El Salvador, and Guatemala, as well as coordinating with lawyers in Panama. Besides conducting due diligence in the jurisdictions of Central America, BLP also analyzed the competition in each of the countries and if required…
The General Directorate of Taxation of Costa Rica has issued a communication that establishes the classification criteria to qualify as a Large Taxpayer (Resolution of the General Directorate of Taxation No. DGT-R-22-2021 Taxpayers who meet any of the following qualifications will be under the jurisdiction of the Directorate of Large National Taxpayers: Paid average taxes…
The life sciences sector has been one of the areas most impacted by COVID-19. On the positive side, certain related products and devices experienced unexpected demand in the past year, thus increasing sector progress. On the negative side, the coronavirus led to the interruption of research and development in fields unrelated to the pandemic creating…
BLP has advised IDB Invest, a member of the IDB Group, in the granting of a loan of $14 million to Calox de Costa Rica S.A. (Calox). The loan enables Calox to obtain substantial improvements in its productive capacities and seek international certifications that validate the quality of its products, affording access to new markets….
Approval of the extension of the period authorizing the reduction of working hours for the Tourism Sector, due to the Declaration of National Emergency. On May 21, 2021, Law 9982 went into effect allowing employers in the Tourism Sector who demonstrate that they are still economically affected by the pandemic to request the reduction of…
The BLP Costa Rica team advised Citigroup Global Markets Inc. and J.P. Morgan Securities LLC on the issuance by Investment Energy Resources Limited of $700 million in Secured Notes with a Fixed Rate of 6.250% maturing in 2029. The firm also advised Banco Latinoamericano de Comercio Exterior, SA, Banco Industrial, SA, Westrust Bank (International) Limited,…
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…