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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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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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CR: New law imposes criminal liability on legal persons

June, 2019

In Costa Rica, only natural persons could be considered as authors of a crime and sanctioned accordingly. This changed with the approval of the Bill of Law "Law on Criminal Liability of Legal Entities on Domestic Bonds, Transnational Bribery and Other Crimes", on June 10th, 2019.Under the new law, l...

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