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Costa Rican finance minister clarifies new rules on tax reform for free zones. Changes to be applied only for new arrivals

Wednesday, November 9, 2011

Fernando Herrero, the Costa Rican finance minister, said that the tax reforms on free zones will go into effect in 2015 if the Legislative Assembly passes the tax reform bill.

Herrero clarified the changes being discussed a legislative commission. All new businesses setting up in free zones starting in 2015 will pay a 15 percent income tax, including on dividends repatriated abroad.

The tax reform, said Herrero, also allows municipalities to assess a property tax to a maximum of $100,000.

Original source: Costa Rica News