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Costa Rica

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About

Costa Rica

Capital
Official languages
Population 
Currency

ISO 4217

San José

Spanish

5.09 million

Colon

CRC

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Economy

Costa Rica has a strong and growing economy, with a GDP of $60.7 billion in 2019. This is a 4.2% increase from 2018, and the country is expected to continue to grow in the coming years. The country has a low unemployment rate of 6.2%, and a high labor force participation rate of 63.2%. The country also has a strong agricultural sector, accounting for 8.2% of GDP in 2019. The country is also a major exporter of coffee, bananas, and sugar, and is a major tourist destination, with over 2.9 million visitors in 2019. Costa Rica also has a strong manufacturing sector, accounting for 17.2% of GDP in 2019. The country has a strong financial sector, with a banking sector that is well-regulated and has a high level of capitalization. Overall, Costa Rica has a strong and growing economy, and is well-positioned to continue to grow in the coming years.

Taxation

In Costa Rica, both individuals and corporations are subject to income tax.


For individuals, income tax is progressive, with tax rates ranging from 0% to 25%, depending on income levels. There is also a 13% value-added tax (VAT) on most goods and services. Additionally, there are social security contributions and a solidary tax that is levied on high-income earners.


For corporations, the standard corporate income tax rate is 30%, with certain industries such as tourism and agriculture having reduced rates. There is also a 2.5% minimum tax on gross income, which must be paid regardless of whether the company is profitable or not.


The tax year in Costa Rica runs from January 1st to December 31st, and tax returns are typically due by the end of March of the following year. Quarterly advance payments may also be required.


In addition to income tax, there are other taxes and fees that may apply, such as stamp duties, property taxes, and customs duties on imports and exports.


The tax authority in Costa Rica is the Tax Administration, which is responsible for collecting taxes and enforcing tax laws. Payment of taxes can be made at designated banks or through online channels.


Overall, Costa Rica has a relatively high tax burden compared to some other countries in the region, but the country also provides many public services and social programs. Taxpayers are encouraged to seek advice from local tax advisors or government authorities for further information on tax obligations and requirements.

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