The Ministries of Finance and Justice will receive the first payment of the new corporation tax this April, said Costa Rican officials.
The new tax is $262 (135,000 colones) for active registered companies, and $132 (68,000 colones) for inactive ones. In 2013, the tax will be higher: about $349 (180,000 colones) for active corporations, and about $174 (90,000 colones) for inactive ones, reported Nacion.com.
With the income from this tax rise, approved last year by the Legislature, the government expects to raise about $68 million (35,000 million colones) to be directed towards strengthening the security budget.
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An annual tax of $312 will be created for companies, branches or representatives of foreign corporations, limited liability companies who are in active business.
The tax targets active corporations which undertake some type of commercial business. For inactive companies (not engaged in lucrative activities), the tax is $156.44.
The 2006 bill would create an annual tax of $200 payable by all incorporated companies.
The government hopes the new law would provide an additional $110 million in revenue to be spent on improving citizen security.
The tax applies to all corporate entities, of which there are currently 550,000 registered.
The libertarian movement has asked the Constitutional Court to review the proposed tax on legal persons.
This request will mean a delay, of at least 30 days, in the eventual adoption of the tax which the government intends to use to raise revenue to fund security programs.
Jan. 31 is the deadline in Costa Rica for the annual payment of the corporation tax.
Companies which are active must pay an amount of ¢189,700 colones ($378) and inactive companies will pay the amount of ¢94,850 ($189).
The Banco de Costa Rica, which is the concessionaire institution for the collection of this tax, announced that from the beginning of the year it will be receiving the tax payments, up until 31 January, the date from which it a late fee of ¢54 (just over $0.11) will be charged.