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First partial Income Tax payment deadline is today |
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 By the A.M. Costa Rica staff According to the
Finance Ministry, today is the deadline to
make the first partial payment of income
tax for the fiscal year 2019-2020.
Partial payments are obligatory advances of income tax are made in three parts (first in March, second in June, and the last in September) and must be done by all taxpayers. This tax must be paid by local companies (including those registered as limited responsibility) and by international companies that have a branch in Costa Rica. Payment can be made through the website of the Ministry of Finance www.hacienda.go.cr or directly at the Ministry located in Second Avenue, Street 1 and 3. In both cases, the corporate ID number, known as the Cédula Jurídica, must be reported. Companies that fail to pay this tax will have to pay fines. If a company fails to make a payment for three periods, officials of ministry could order a company shut-down. The amount of tax is calculated on the basis of the income of each company. The Finance Ministry sets the amount to pay based on the company’s reported income. The Ministry reports that there are two types of companies exempt from this tax: companies registered as small businesses and companies related to agricultural producers that are also registered in the Ministry of Agriculture database. The institution reports that the resources obtained from the business tax are destined to the Ministry of Security to finance police infrastructure, purchase and maintenance of police equipment, attention to citizen security and combating crime. |
 A.M. Costa Rica wire services photo If a company fails to make a payment
for three periods, officials of ministry could
order a company shut-down.
Another part of this tax is given to the Ministry of Justice for the financing of social reinsertion programs for prisoners while an additional percentage is given to support the Judicial Investigation Organization in its attention to organized crime. To find out more about the exact amount of tax that must be paid, business owners should go to the Ministry web page www.hacienda.go.cr and then click on the section, "Impuesto A Personas Juridicas" (company tax) where they must insert the company ID number, known as Cédula Jurídica. ------------- Should the Finance Ministry give more options other than closing the company, if the owner cannot pay the tax? We would like to know your thoughts on this story. Send your comments to: news@amcostarica.com *Link to reach the place. |
U.S. Tax
International
Plus Costa Rican taxes, accounting, and legal services. Over 16 years in Costa Rica  U.S. Income Tax Preparation Contact Us: U.S +786-206-9473 CR +506-2290-3060 or +506-6242-9879 E-mail: accounting1@ustaxinternational.com Web page: www.ustaxinternational.com Code:9398-xxx
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