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The list focuses on the main types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance tax. Personal income tax includes all applicable taxes, including all unvested social security contributions.
There is no VAT in Costa Rica, but there is a generally applied sales tax of 13% that, combined with excise taxes on specific consumption goods raises around half of government revenue. Income tax rates rise with reported income, beginning at 10% for annual income over Costa Rican colón 41,112,000.
This income includes several categories of portable income, including most investment income, certain resale income, and certain services income. Certain exceptions apply, including the exclusion from Subpart F income of CFC income subject to an effective foreign tax rate of 90% or more of the top U.S. tax rate .
The personal income tax is generally considered the most progressive tax, meaning that higher-income individuals are taxed at higher rates compared to lower-income individuals. However, there are variations in tax systems across countries, with some taxes like social security contributions, consumption taxes, and real estate taxes being ...
The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information (AEOI) regarding financial accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development (OECD) developed in 2014.
On February 21, 2019, the Prosecutor in the Central American country of Costa Rica raided Scotiabank's offices in San José, Costa Rica, claiming that the bank had failed to provide the government with information on accounts and deposits that could allegedly implicate Alejandro Toledo, the former president of Peru, in money laundering. [26]
The 3.3 billion colones ($6.2 million) in question were first detected missing at the National Bank of Costa Rica in August through internal audits, and last month the attorney general's office ...
The Ministry of Finance of (Spanish: Ministerio de Hacienda)) Costa Rica is the government ministry of Costa Rica in charge of governing the fiscal policy on public resources, according to the principles of economy, efficiency and effectiveness.