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Costa Rica

CR: Costa Rican Congress Passed a New Antitrust Law (No 9739)

September, 2019

The Costa Rican Congress passed a new Antitrust Law (No 9739) to strengthen the legal capabilities and role of the Commission to Promote Competition ("COPROCOM") (as the general Antitrust Authority) and the Superintendence of Telecommunications ("SUTEL") (as the Antitrust Authority for the tele...

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CR: Final beneficiaries report will begin in September

August, 2019

The obligation to submit the report of the Final Beneficiaries of legal entities in Costa Rica, will begin in September 2019. This obligation was established by the Law Against Tax Fraud regulated in Executive Decree No. 41040-H and through the resolution issued by the Central Bank of Costa Rica, th...

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CR: Bill No. 21.292 intends to allow non-resident banks to open a local branch in Costa Rica

August, 2019

As part of the process of entering the OECD and with the aim of guaranteeing financial stability, the Costa Rican congress recently approved a Bill of Law allowing branches of foreign banks to operate in Costa Rica and form part of the National Banking System.Currently, only locally constituted corp...

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CR: Update of salary Tax Brackets come in to force from today July 1st to September 30th, 2019

July, 2019

As of today, July 1st 2019, the new brackets of income tax will be applicable to the salary, retirement payments and pensions.The updated brackets and rates were published in Executive Decree No. 41799-H, in the national newspaper La Gaceta on June 25th, 2019.The monthly withholding tax rates and br...

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