When is VAT going to be effective?

Now, VAT is not really new in Costa Rica, it is just and enhanced version of the already existing Sales Tax, by enhanced I mean that starting July 1^st, 2019 some services, in example accountants, attorneys, engineers, marketing consultants; and goods that weren’t previously taxed now they will.

Are there any exceptions to the Rule?

The only business activities which won’t be Taxed with VAT or will be taxed but a different levels are:

1. Buying or selling a house
2. Renting Residential space long term and as long as the monthly rent is under Ȼ669,300.00 (around $1,145.00)
3. Renting Commercial Space as long as the monthly rent is under Ȼ669,300.00 (around $1,145.00) and the tenant is registered as a PYME (Small and Mid Size Business) at the Ministry of Economy.
4. Private Healthcare services will be taxed at 4%
5. Airfares paid in Costa Rica, will be taxed also at 4%
6. Private Education will be taxed at 2%
7. Tourism related business and certified by the ICT (Costa Rican Tourism Board) and construction projects certified by the CFIA (Costa Rican Engineers and Architects’ Bar) won’t be taxed until 2020, then there will be a progressive tax, starting at 4% the first year, 8% starting on 2021 and 13% on 2022.
8. Also, products listed on the Canasta Básica (Basic Food Basket) won’t be taxed until 2020, then a 1% will apply.

What to do?

Well, don’t panic, if your business is already filing the D104 Monthly Form, then no major changes or adjustments need to be done, if your business was not filing the D104 Monthly Form, then you need to make some minor adjustments, let’s go over what needs to be done for the two scenarios:

If your company already files the Monthly D104 Form (Sales Tax Form), then all you have to do is:

1. Sign Up for a good Factura Electronica (Electronic Invoice) service, if you haven’t already, using a good platform to issue invoices to your customers and receive and validate bills from your vendors is the key, ever since a decent platform will actually keep track of the VAT you collect from your clients and the VAT you pay to on the bills from your vendors.
2. Keep filing as usual the monthly return as usual.

If your company was not filing the Monthly D104 Form (Sales Tax Form), then all you have to do is:

1. Sign Up for a good Factura Electronica (Electronic Invoice) service, using a good platform to issue invoices to your customers and receive and upload bills from your vendors is the key, ever since a decent platform will actually keep track of the VAT you collect from your clients and the VAT you pay to on the bills from your vendors,
2. Your books now should be adjusted, if they weren’t already, in such way that from July 1^st and on, there will be an account or accounts to keep track of the VAT, so you can offset the VAT you paid to your vendors towards the one you collect from your customers.

Do I have to register my business with Hacienda?

Either your company was filing or not the D104 Form, the Tax Administration, by default, will register all the corporations under the VAT system, so you don’t need to take any further action, unless yours is a none income producing entity, in which case you will actually have to de-register the entity.

What is the best VAT Strategy?

Simple, keep in mind that your business is just a vehicle to collect the VAT and forward it to the Costa Rican Government, after you offset the VAT you paid to your vendors, this basically means that the VAT is not a Tax on your business, so the best strategy is to properly keep track of the VAT.

So bottom line and despite of all the drama that has been created around VAT, as you can tell from above, the key is to sign up for a good Factura Electronica system, make sure that your accountant is keeping good track of the collected and paid VAT and you will be OK.

The post Value Added Tax (VAT) in Costa Rica – How is really going to work appeared first on CostaRicaABC.com.

Let’s review one by one the forms that would, typically, need to be filed:

Costa Rica Tax Form D150

This form is a summary of all the payments and respective retentions or withholdings that an individual or corporation had made during the fiscal year (October 1st to September 30th) such as:

• Salary Income Tax.
• Payments to the members of the Board of Directors (Only for Sociedades Anonimas)
• Payments to foreign individuals or corporations not located in Costa Rica, for concepts such as franchises, interests, fees, movies, international broadcasting, transport, etc.
• Payment of dividends to the stockholders.

The deadline to file this form is November 30th, and its objective is basically to assure the Tax Office that we are playing our role of retention agents on their behalf, which by the way, is mandatory when an individual or corporation makes any of the payments listed above.

Costa Rica Tax Form D151

This is a summary of payments made to vendors, specific expenses and payments from clients during the fiscal year, who are located in Costa Rica, and that meet the following conditions:

1. If one of your clients was billed during the whole year for ¢2,500,000 (around $4,760) or more, you have to report that client in this form.
2. If you’d paid to one vendor during the whole year ¢2,500,000 (around $4,760) or more, you have to report that client in this form.
3. If you’d paid ¢50,000 (around $95) or more to the same individual or corporation in the way of leases, commissions, professional fees or interests you have to include that person or company in this form.
4. The deadline to file this form is also November 30th, this form will be used by the Tax Office as a cross control to know who is getting paid and then double check if that individual or corporation is filing their tax return and how much is reporting. Very similar to the 1099 form in U.S.

This form is so important for the Costa Rican Tax Administration that the late filing fee for this form was last year close to $8,000

Costa Rica Tax Form D101

When it comes to taxes in Costa Rica, this is THE FORM – the annual tax return, and contains summarized information about:

1. Assets
2. Liabilities
3. Equity
4. Itemized Taxable and Non Taxable Revenues
5. Itemized Expenses (write offs)

The revenues and expenses (Sections II and III of the form) is the basis for the Income Tax calculation, therefore, the Tax Office pays more attention to those sections of your tax return. The deadline to file this return is December 15th.

Keep in mind that this form must be filed any corporation or individual conducting business in Costa Rica, for instance renting houses or realtors.

Not to file the D101 form will result in the payment of fines up to $385, plus 1.05% interest if there is any Income Tax liability.

Final Costa Rica Tax Recommendation

If you are business active, which for the Tax Man means you or your corporation are producing revenues and if you’d paid ¢50,000 (around $95) or more to the same individual or corporation in the way of leases, commissions, professional fees or interests you have to include that person or company in the D151 form.

Keep in mind that the recipients of those payments are also required to file the same form, so you want to do your homework properly so you don’t find yourself trying to explain to the Tax Administration why John Doe says you paid to him but you didn’t report that.

Remember also that since the forms D150 and D151 must be filed before or on November 30th, this pushes you to basically have most of the information to be contained on the Income tax Return Form D101 ready by then.

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The Costa Rican Supreme Court finally said that the Corporations Yearly Tax should not be collected any longer, ever since the Judges considered that 3 articles are unconstitutional.

Brief History of this Tax:

The Corporations Yearly Tax was created back on 2011, the purpose or intention of this tax was to fund the Ministry of Security in order for them to fight crime, well, we all know that really didn’t happen.

The Registro Nacional and the Banco de Costa Rica are, and I’ll explain further in this article why they still, the only entities authorized to collect this tax. The rates were, at first, around $300 for active corporations and around $150 for inactive corporations.

Let’s keep in mind that for the sake of this tax an active corporation means that is registered as such at the Tax Administration. The rates increased yearly and as of fiscal year 2014 the amount to pay for an active corporation is around $375 and for inactive ones around $187.50. The only corporations granted with a 100% exemption are the so called PYMES.

The penalties designed to make the corporation to pay the Corporations Yearly Tax were from 3% late monthly fee from forbidden the Registro Publico to process any document related to a delinquent corporation, not to mention that if the corporation fails paying the tax, after 3 years, the Registro Publico would have the right and obligation to de registered that corporation and go after the legal representative (Managers or Members of the Board of Directors)

Should you pay or not?

Although the Supreme Court voted as unconstitutional the Corporations Yearly Tax, as good politicians they gave some more room for the Governed to collect as much as they can, if they can.

This means that the Fiscal Year 2015 will be the last year for this tax, let’s keep in mind that the fiscal year in Costa Rica goes from October to September, so there will be one more payment to make before January 31, 2016, but that will be the last one.

I hate to say “I told you!”, but I clearly remember when I was asked to advice the Chairman of the so called Treasury Matters Commission at the Costa Rican Congress back on 2010, and I told to one of his advisors, currently Ministry of Economy, that they should not pass that bill and I listed not only the 3 reasons that the Supreme Court used as basis, but others, but again, as good politicians they never listened and of course, I decided not to waste my time anymore, and here we are 4 years later and hundreds of thousands of dollars wasted confirming that this tax should never have existed at all.

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Their goal is to create a Public Record of Shareholders (Registro de Accionistas) of every single corporation in Costa Rica, their logic behind that is, primarily, there are a lot of properties being transferred without paying the property transfer tax, ever since the property is registered under a corporation and when the seller endorses the shares to the buyer, the Public Record Office (Registro Publico) does not get involved and therefore the transferring tax is not paid, which represents a big loss for the Government and they desperately need the funds to cover a National Budget which only 60% is payroll.

How did all this start?

Back on September 28th, 2012 a new Law (Ley de Fortalecimiento de la Gestión Tributaria) got partially reinforced, and I mean partially reinforced since it created a new concept of “property transferring”, which is, in plain English, to transfer the ownership or control of a corporation which owns or control a property or business, but the law never established a procedure to control or audit that type of transactions. Why I am not surprised?

The Tax Man’s Great Idea!

Nowadays, the Tax Man is trying to catch up on that procedure which was never reinforced. However, his idea of creating a Public Record of Shareholders, regardless if the corporation owns or not a property or business, was not warmly welcomed right away.

There are many reasons and entities which refuse that idea, for instance the Industry Chamber (Camara de Industrias) already stated that this can even jeopardize the safety of the shareholders, not to mention, blackmailing and even extortion. On other hand, the Attorneys & Lawyers Bar, also stated that this Public Record must be created by a new Law not by a decree which is the tool that the Tax Man is intending to use.

A Different Angle

I agree with both Industry Chamber and Attorneys & Lawyers Bar perspectives, but as it is commonly known in Costa Rica, the politicians are not famous for using their common sense. I would suggest, in order to save all that tax money in discussions and probably the Supreme Court getting involved, let’s not forget that privacy is a Constitutional Right in Costa Rica, by simply enclosing a Shareholders Certification issued by a notary (attorney) when this type of transactions takes place, and that document’s cost is around $60.

Let’s keep in mind that in Costa Rica there is no way to figure out who the shareholders of a corporation are, or if the shares are being endorsed, ever since this entry is made on the private legal books of the corporation, but there is a hint: when a new legal representative is appointed, so when that happens, changing the legal representative of a corporation, the Public Record office would have to ask for the above mentioned $60 certification and if the shareholders are different then they can collect the tax instead of spending hundreds or thousands of dollars trying to reinforce the Public Record of Shareholders.

On other hand, the Tax Administration is entitled to, when they properly audit a corporation, to have access to the Shareholders Log Book (Libro de Registro de Accionistas) so there is another way to find out if at some point the transferring tax was not paid, how?? Well, by simply screening which corporations owns properties and look into their Shareholder Log Book to make sure it hasn’t changed hands since September 28th, 2012.

Simple isn’t? But what do I know? I am just an accountant!

We will know more about this after February 24th 2015, which is the deadline for anyone who does not feel comfortable with this idea to address the reason to the Tax Administration.

The post Shareholders Public Registry In Costa Rica Is A Serious Threat To Privacy appeared first on CostaRicaABC.com.

The Basics of Property Tax

The Property Tax Return, which only purpose is to bring up to date the value of the property (land + building if any) must be filed every five years , the new reported value will be used by the local Municipality as the Property Tax Calculation basis.

Now, when a property’s title is transferred, a new Property Tax Return must be filed, the reason for this is that there is no communication between the Registro Nacional which manages the title and the Municipality which manages the property taxes, therefore if the Municipality is not aware of the new owner then the tax liability remains on the previous owner.

The number one mistake when it comes to property title transfer in Costa Rica is precisely that one: Not to file a new property tax return reporting the new owner of the property.

So, why is this important now?

Well, every five years and by default the Costa Rican Tax Administration update the so called Property Values Official Guide, this guide divides the country in different areas and assign minimum values to both the land and type of construction, and this is the year when that is done.

So, the Costa Rican Tax Administration urges all the property owners in Costa Rica to file a Property Tax Return in case they haven’t before January 1st, 2010, otherwise the Tax Administration and the local Municipality will re assess the property and will base the property tax on that new value.

Who should pay special attention to this?

• Those who had purchased a property within January 1st, 2010 and today and are not sure if the attorney filed the Property Tax Return at the local Municipality as part of the title transfer process as it should be.
• Those who already owned a property and the last time a Property Tax Return was filed was before January 1st, 2010

Keep in mind that even if you bought a property thru a corporation, meaning that the actual owner of the property is a corporation and you got the shares of that corporation, the Property Tax rules apply exactly the same as if the owner would be an individual.

So, grab your file double check the date when the last time a property tax return was filed and if the stamp reads any date after January 1st, 2010 you do not have to worry but start planning to file a fresh one very soon, if you do not find a Property Tax Return and you recently bought the property pick up the phone and contact your attorney and ask why the hell there is none there!

The post Property Tax: You May Have to File The Return. appeared first on CostaRicaABC.com.

What is the Aguinaldo?

The Aguinaldo is an extra salary, also known as the 13th month, which has to be paid to all the regular employees, regardless of the performance or quality of the job, since is based on the paid gross salary.

The Aguinaldo was created as an aid for the employees to face the extra expenses of Christmas and New Year’s Seasons.

There is no way that employer can avoid the payment of this benefit, either the employee can quit to receive this benefit.

How to calculate the Aguinaldo?

For the calculation of the Aguinaldo you have to add all the paid gross salaries per employee, this includes over time, double time, commissions, maternity leave, etc; subtract absences, sickness licenses from December 1st of the previous year through November 30th of the current year, and divide it by twelve.

If the employee started to work after December 1st of the previous year, then you add all the gross salaries since the first day and also divide them by twelve, on other hand, if the employee leaves the company before November 30th then the Aguinaldo is calculated until the last day of work, see some scenarios below:

Scenario A: Pedro works for the Company since 2004, and he earns a monthly salary of $400, to calculate his Aguinaldo you take all the made salaries from December 1st 2008 through November 30th 2011:

400*12= $4,800 Total Made Salaries 4800/12= $400 Aguinaldo 2011.

Scenario B: Maria started working for the company in April 16th 2010, and she makes a monthly salary of $400, but in June she worked 1 extra day, to calculate her Aguinaldo you have to:

400/30*15= $200 Salary earned from April 16th to April 30th 400*7= $2,800 Salary from May to November. 200+2800= Total Made Salary for the year 3000/12= $250 Aguinaldo 2011.

Keep in mind that no retention, withholding or tax has to be applied to the Aguinaldo.

When To Pay Aguinaldo?

You can pay the Aguinaldo any day between December 1st and December 20th, if by December you haven’t paid the Aguinaldo this is considered as illegal retention and the employee can complain at the Working Ministry Offices and an Inspection can be conducted, fines and they even have the power to shut down your company depending on each case depending on the amount retained and number of employees.

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This was because he attended a seminar sponsored by one of those accounting firms with a “pricey” name and the speakers said that rental properties are not subject to sales tax, well, I hate to say… or I don’t: “I told you so!”

What Is Happening?

Well, the new assistant to the Tax Guy, Fernando Rodriguez, announced last week that they are going to start tracking down all the rental properties within the borders of Costa Rica, by “looking at web sites and other media tools” (printed magazines and newspaper’s ad I assume) to find those properties which are being rented and are not collecting the sales tax.

It seems that some hospitality related business owners also put some pressure on the Tax Guy, because they think is not fair that they are charging the sales tax and the rental properties weren’t.

How It Works?

Now, let’s review real quick how the sales tax works when it comes to Rental Properties: The 13% sales tax must be added to the rack rate, this is why there is a misconception about the owner paying this tax, where actually the owner collects the tax on behalf the Government.

Then you can deduct from the total of the collected sales tax, the sales tax that you paid for items and services related to rentals, but be careful, not all the sales tax paid can be considered as a credit; so at the end you must “reimburse” the Government with what is left (collected sales tax­ paid sales tax=payable sales tax).

By the end, I mean that within the first 10 working days, the sales tax return must be filed for the previous month.

Let’s put some rental numbers into this picture for you:

If you rent a property out for $300 per week, then you either have to add $39 to that rate or if you are concern about competitiveness, make your rack rate $265.49 and the sales tax will be then $34.51 (there’s a good word of advice). Now say that your occupancy for July is 50% (2 weeks), that means that your payable sales tax will be $78 (39*2) or $69.02 (34.51*2).

From the bills that you pay on a monthly basis, you need to filter which ones qualify in order to use the sales tax paid, if any, as a credit, i.e. power bill, so if the sales tax paid on the power bill was $50, then you need to do: 78­50= 28 or 69.02­50=19.02 so $28 or $19.02 is what you need to give back to the Government, before the 15 D104 Form and paying the balance.

That being said, if you are a Rental Property owner in Costa Rica, I strongly recommend you to double check with your property manager what your tax situation is and if is not a healthy one, try to catch up and get back to right path. Oh! By the way, a lot of property managers said that I was wrong about this too…

The post Costa Rica Rental Property Owners – Beware! appeared first on CostaRicaABC.com.

Who should file these tax forms?

If you run a business of any kind in Costa Rica of any kind and as a corporation or individual, therefore you should be registered as Tax Payer at the Local Tax Administration’s Office you must file these forms, mainly the forms D151 (clients, vendors and specific expenses) and D152 (Income Tax Withholdings).

What are those tax forms for?

The form D151 is the primary tool used by the Costa Rican Tax Administration to cross reference information, since it contains information such as:

• Costa Rican clients who purchases from you in the way of services or items more than $100 within the fiscal year.
• Costa Rican Vendor from whom you bought in the way of services or items more than $100 within the fiscal year.
• Costa Rican companies or individuals to whom you paid more $100 in the way of rents, fees, commissions and interests, within the fiscal year.

Keep in mind that all the above mentioned payees will also report you as payer.

The form D152 is the one that guarantees to the Tax Administration to double check that all the income tax withholdings were practiced properly if you paid:

1. Salaries (over $1,442), pensions and board of directors fees
2. Interest paid over Investment Funds
3. Dividends
4. Payments to non Costa Rican Companies who rendered services within Costa Rica Borders or got pay in the way of royalties, franchise fees, etc.

The most common reasons why you would have to file the form D152 is because you have employees who make more than $1,442 per month and you withhold the mandatory Salary Income tax out of their paycheck.

When should these forms be filed?

The form D151 must be filed before December 2nd, 2013, each year, right before the Income Tax Returns which dues on December 16th, and the form D152 must be filed before January 15th, 2014.

If you fail filing these forms on time the fine could reach 2% of the reported gross incomes, remember that others may be sharing the same information with the Tax Administration, so there are several chances that Tax Authorities catch you if you fail filing, only if you run a business.

Additional Costa Rica Tax forms:

You will find below chart which shows the other Informative Tax Returns and their purpose:

• Form 150 – Transportation, movies, re insurance, news, movies, etc and Goverment Contractors
• Form 153 – Sales tax Witholdings made by credit and debit cards Proccesors
• Form 157 – Exit Tax Collectors
• Form 158 – Agropecuary Auction Houses Purchases and Sales
• Form 160 – Authorized Invoices printed at licensed Printing Shops
• Form 161 – Cashing Machines Sold, Rented, Repaired by licensed Dealers

The post Costa Rica Informative Tax Returns – What is that? appeared first on CostaRicaABC.com.

Any individual or company who generates revenue out of a property in Costa Rica in the form of rent must report this income and possibly pay income tax, which is the easy part… Let’s talk about Sales Tax, which is more confusing for property owners in Costa Rica.

When Does The Sales Tax Apply?

According to the Sales Tax Law, all properties rented out such as hotels, motels, bed & breakfast and houses of transitory stay or not must collect this tax by charging 13% over the rental rate.

So, the question comes when we are talking about a house or a condo unit that is rented by the week for instance and it is not really a lodging type of business, this aspect is strictly related to how long the guest is going to stay in the house…

If the person is going to stay for only a short period of time then it becomes a guest not a tenant, therefore sales tax should be collected.

What Is A Short Period Of Time?

I remember once when somebody asked me about this and quoted what he heard at a seminar: “Short period of time is not defined by any law but it is generally accepted as less than six months”.

Truth is, that Sales Tax Law does not defines specifically short period of time as six months or less, however, the reference for the Tax Administration to define short term as “less than six months” is the Tourist Businesses and Activities Law which states that a “tourist is a person who moves to a place different than the regular address for more than twenty four hours and less than six months… without immigration purposes.”

Therefore, any individual who rents a house for less than six months and is not looking for relocating to Costa Rica is considered as a tourist, so if this person rents a house in Costa Rica it will be considered as a transitory stay, therefore sales tax should be collected.

What About The Property Lease Law?

Some would use the Property Lease Law to skip the sales tax, by signing a lease contract for the property, but keep in mind that the Tax Administration knows this law and its range of action, specifically the part where it reads that houses for touristic purposes and rented by seasons only are excluded of the Property Lease Law, not to mention the fact that by default the minimum term, according to the Property Lease Law, is three years, so there is no way that a lease contract can be used in order to avoid the sales tax.

Case Studies.

The owners of a house in Guanacaste, who live in US, rent the property on a weekly basis to families that visit the area. The weekly rate is US$1,200 per week.

In order to be fully compliance with Costa Rican Law, both Income Tax and Sales Tax, the owners of the house should be:

1. Collecting 13% sales tax on top of the standard rate, so they get a check for $1,356.00, they keep $1,200.00 and give $156 to Costa Rican Government. (1200*13%=$156)
2. Getting a check for $1,200.00 and give $138 to Costa Rican Government and keep $1062.00 for them. (1200/113*13=138)
3. Whatever the method is, a or b, the net should be reported as income and taxes should be paid after write offs such as depreciation, maintenance, condo fees, etc

Keep in mind that this tax in Costa Rica applies regardless if the funds received are being managed by a Property Manager or deposited offshore.

What Is The Risk Of Not Paying Your Taxes?

If you get caught by the Tax Administration, you will have to pay all accrued taxes based on their appraisal, whether you collected or not from the guests. Plus, not paying sales taxes to the government is considering a felony and, the worst case scenario is that they can go after your property as collateral for whatever tax liability they come up with…

Keep in mind that the Sales Tax is nothing but an Added Value Tax and it’s the person renting the property who pays the sales tax, not the property owner.

It’s the same sales tax that your guest would pay at any restaurant in Costa Rica for instance, therefore there is no reason to jeopardize your investment by not collecting this tax on top of the standard rate and paying it to the government.

The post Rental Properties and Sales Taxes In Costa Rica – When this tax should be collected? appeared first on CostaRicaABC.com.

DIMEX Mandatory for SINPE

Let’s start by explaining that SINPE stands for National Electronic Payment System, and is basically the platform used to electronically transfer funds from one Costa Rican Bank to another, for instance to transfer funds from Banco de Costa Rica to Banco Nacional.

Both the sender and the recipient must have an ID and starting on July 1st, 2012 all the account holders who are not Costa Rican must have a DIMEX, otherwise the system won’t process the transfer.

Ok, but what is DIMEX?

Well, DIMEX stands for Migratory Identification Document for Foreigners, so in plain words this means the Residency Card, so you do have to have in order your migratory status, whether we are talking about Permanent Residency or Temporary Residency.

Keep in mind that this is not really new, the DIMEX was implemented back in 2008, and so, any foreigner with an up to date Migratory Status since that time should have this card.

What do I do?

There are several possible situations regarding DIMEX, as follows I am listing some of the most common ones, but I strongly recommend to double-check your Migratory Status with an Attorney specialized in this area, so:

• If you are Temporary or Permanent Resident in Costa Rica and you got your Residency Card (DIMEX) after 2008, all you have to do is to go to your bank and bring up to date your information, if you haven’t, so the bank makes sure your ID number at the Costa Rican banking systems matches your DIMEX, in case your ID registered at the Bank is your passport number for instance.
• If you are Temporary or Permanent Resident in Costa Rica and you got your Residency Card before 2008, you need to make sure your card is a DIMEX, which means that you already renewed your Residency Card, if your Residency Card is not green or already expired then you want to renew it.
• If you are in the process of becoming a Temporary or Permanent Resident in Costa Rica, and you already opened a Bank Account in Costa Rica, then you need to talk to the Bank and see what options do they offer for this problem, because neither the Ministry of Security Mario Zamora (not related at all to the author of this article) nor Carlos Melegatti from Central Bank explained this when they announced the new measure.
• If you haven’t start the process to become a Temporary or Permanent Resident in Costa Rica and opened a Bank Account with your passport, then start the process of becoming a legal resident and talk to your Bank, keep in mind that passports numbers won’t be accepted at the Costa Rican banks for SINPE purposes.

Keep in mind that so far the official information is that DIMEX is going to be mandatory for SINPE, so there will be a lot of questions with no answers, so, check your information with your bank and also check your Migratory Status, you may need to hire a good attorney to get this done, but be patient this may take months, and that is what the Government never tells potential investors when they invite them to come to Costa Rica.

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