FOREWORD. Costa Rica. Services provided by member firms include:

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1 2015/16

2 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there double tax treaties in place? How will foreign source income be taxed? Since 1994, the PKF network of independent member firms, administered by PKF International Limited, has produced the PKF Worldwide Tax Guide (WWTG) to provide international businesses with the answers to these key tax questions. As you will appreciate, the production of the WWTG is a huge team effort and we would like to thank all tax experts within PKF member firms who gave up their time to contribute the vital information on their country's taxes that forms the heart of this publication. The PKF Worldwide Tax Guide 2015/16 (WWTG) is an annual publication that provides an overview of the taxation and business regulation regimes of the world's most significant trading countries. In compiling this publication, member firms of the PKF network have based their summaries on information current on 1 January 2015, while also noting imminent changes where necessary. On a country-by-country basis, each summary such as this one, addresses the major taxes applicable to business; how taxable income is determined; sundry other related taxation and business issues; and the country's personal tax regime. The final section of each country summary sets out the Double Tax Treaty and Non-Treaty rates of tax withholding relating to the payment of dividends, interest, royalties and other related payments. While the WWTG should not to be regarded as offering a complete explanation of the taxation issues in each country, we hope readers will use the publication as their first point of reference and then use the services of their local PKF member firm to provide specific information and advice. Services provided by member firms include: Assurance & Advisory; Financial Planning / Wealth Management; Corporate Finance; Management Consultancy; IT Consultancy; Insolvency - Corporate and Personal; Taxation; Forensic Accounting; and, Hotel Consultancy. In addition to the printed version of the WWTG, individual country taxation guides such as this are available in PDF format which can be downloaded from the PKF website at PKF Worldwide Tax Guide 2015/16 1

3 IMPORTANT DISCLAIMER This publication should not be regarded as offering a complete explanation of the taxation matters that are contained within this publication. This publication has been sold or distributed on the express terms and understanding that the publishers and the authors are not responsible for the results of any actions which are undertaken on the basis of the information which is contained within this publication, nor for any error in, or omission from, this publication. The publishers and the authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication. Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances. PKF International is a family of legally independent member firms administered by PKF International Limited (PKFI). Neither PKFI nor the member firms of the network generally accept any responsibility or liability for the actions or inactions on the part of any individual member firm or firms. PKF INTERNATIONAL LIMITED JUNE 2015 PKF INTERNATIONAL LIMITED All RIGHTS RESERVED USE APPROVED WITH ATTRIBUTION PKF Worldwide Tax Guide 2015/16 2

4 STRUCTURE OF COUNTRY DESCRIPTIONS A. TAXES PAYABLE COMPANY TAX CAPITAL GAINS TAX BRANCH PROFITS TAX SALES TAX / VALUE ADDED TAX FRINGE BENEFITS TAX LOCAL TAXES OTHER TAXES MUNICIPAL OFFICE TAXES CORPORATION TAX SOCIAL SECURITY TAX CONSUMPTION TAX B. DETERMINATION OF TAXABLE INCOME CAPITAL ALLOWANCES DEPRECIATION STOCK / INVENTORY CAPITAL GAINS AND LOSSES DIVIDENDS INTEREST DEDUCTIONS LOSSES FOREIGN SOURCED INCOME INCENTIVES C. CORPORATE GROUPS D. RELATED PARTY TRANSACTIONS E. EXCHANGE CONTROL F. PERSONAL TAX G. TREATY AND NON-TREATY WITHHOLDING TAX RATES PKF Worldwide Tax Guide 2015/16 3

5 MEMBER FIRM For further advice or information please contact: City Name Contact information San José Fernando Murillo Marchini BASIC FACTS Full name: Republic of Costa Rica Capital: San José Main languages: Spanish, Mekatelyu, Bribri, Patois Population: 4,586,353 (2011 census) Major religion: Christianity Monetary unit: Costa Rican Colón (CRC) Internet domain:.cr Int. dialling code: +506 KEY TAX POINTS Companies are taxed at a rate of 10%, 20% or 30% depending on their respective gross revenue. The applicable tax rate is applied to the company s total net income. There is no separate capital gains tax in Costa Rica, Gains of a company in certain circumstances are however taxed as part of its income subject to tax. There is no Value Added Tax (VAT) in Costa Rica. There is however a Sales Tax of 13% applied to certain goods and service specified under the law, which is paid monthly. All the salaries, commissions, bonus and fringe benefits received by an employee are subject to tax at a progressive tax rate (maximum 15%). A. TAXES PAYABLE COMPANY TAX Costa Rica s income tax law affects annual revenue from business activities conducted in Costa Rica when any of the causes of such revenue occur within the national territory Based on the gross income of the period, the taxpayer must select the percentage of tax to be applied to the total net income in the table below (for 2015). Gross Revenue (CRC) Rate (Applies to total net income) 0-52,710 10% 52, ,026 20% 106,027 and over 30% PKF Worldwide Tax Guide 2015/16 4

6 In Costa Rica, the fiscal year start on 1 October and ends at 30 September each year, but the subsidiaries of foreign companies can change the fiscal year to the calendar year at the Dirección General de Tributación Directa after their first year of operations. Also, the companies have to make partial payments of the income tax throughout the year. CAPITAL GAINS TAX In Costa Rica we don t have this tax with two exceptions: a) If it is not considered a regular activity of the company; for example on the cases of sale of land deemed taxable only if it is the usual activity of the company. If so, then the gain must be reported as income and pay tax according to the previous frame. b) When the company sell a depreciable asset: if a building has been subject to depreciation every year is sold, then consider a taxable gain is the difference between the historical value and the sale price. BRANCH PROFITS TAX In Costa Rica the branches of foreign companies are subject to the same tax rate according to the previous frame SALES TAX / VALUE ADDED TAX In Costa Rica we have the sales tax but not the value added tax. Our sales tax goes to services and goods established by law that has to pay 13%, this percentage is charged to the final consumer of the goods or services. This sales tax has to be paid by month FRINGE BENEFITS TAX All the salaries, commissions, bonus and fringe benefits received for the employee has to pay taxes in Costa Rica according with this: Gross Income (CRC) Rate 0 793,000 Exempt 793,000 1,190,000 10% 1,190,000 and over 15% LOCAL TAXES Costa Rica s income taxes affects the whole national territory equally. OTHER TAXES MUNICIPAL OFFICE TAXES Taxes are paid according to a table with reference to the total assets of the company and imposed by the local government (Municipalidades) based on several factors. PKF Worldwide Tax Guide 2015/16 5

7 CORPORATION TAX Every mercantile company has to pay this tax in January. The rates are: a) Active companies (at Dirección General de Tributación Directa): CRC 201,700 per year (approximately USD 400) b) Inactive companies (at Dirección General de Tributación Directa): CRC 100,850 (approx. USD 200) SOCIAL SECURITY TAX These payments that are made monthly by employers and employees on the payroll of companies for the purpose of guaranteeing the functioning of the worker s social security system and retirement benefits at the national level CONSUMPTION TAX Consumption tax is imposed on the import, or domestic manufacture, of the goods. The rates are variable, and selective, affecting only certain types of goods B. DETERMINATION OF TAXABLE INCOME CAPITAL ALLOWANCES In Costa Rica we don t have for the time been capital allowances. DEPRECIATION According to the Dirección General de Tributacion Directa s regulation. STOCK / INVENTORY In Costa Rica is not taxable CAPITAL GAINS AND LOSSES In Costa Rica is not taxable DIVIDENDS In Costa Rica is not taxable for corporations. INTEREST DEDUCTIONS If a loan made to a Costa Rican company by a foreign bank the rate are of 15% for the total payment. If the foreign bank becomes register by the Consejo Nacional de Supervisión del Sistema Financiero PKF Worldwide Tax Guide 2015/16 6

8 has to pay 5.5% only at 2015, at 2016 has to pay 9%, at 2017 has to pay 13% and after this year, has to pay 15%. LOSSES Losses incurred in any given year can be taken as a valid deduction only for the current year. There is no carry forward of losses. FOREIGN SOURCED INCOME In Costa Rica is not taxable INCENTIVES Companies operating in a Free Zone enjoy a number of exemptions which are valued according to the conditions of each company that wants to be at these zones. C. CORPORATE GROUPS Corporate groups pay tax in accordance with the law. D. RELATED PARTY TRANSACTIONS Those transactions have to be duly formalized according with the circumstances. E. EXCHANGE CONTROL In Costa Rica the Banco Central follows relation between dollars and national currency floating at the market. F. PERSONAL TAX All the salaries, commissions, bonus and fringe benefits received by an employee are subject to tax at a progressive tax rate (maximum 15%). Gross Income (CRC) Rate 0 793,000 Exempt 793,000 1,190,000 10% 1,190,000 and over 15% G. TREATY AND NON-TREATY WITHHOLDING TAX RATES Costa Rica has a Free Commerce Treaty with the USA, Central America and the Dominican Republic PKF Worldwide Tax Guide 2015/16 7

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