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in Costa Rica

Tax Man Will Maintain 15% Withholding On Interest Earned By Foreigners

by Q COSTARICA Wednesday 15 March 2017, 2:05 pm 1000 Views

Q COSTA RICA – The Ministerio de Hacienda (Ministry of Finance) says it will maintain the 15% withholding on profits earned in the stock market by foreign investors.
Helio Fallas, Costa Rica’s first Vice-President and Minister of Finance
Helio Fallas, the Minister of Finance, informed the Superintendencia General de Valores (Sugeval) – Superintendency of Securities – that the Tributacion (Tax Department) is not accepting the opinion of the Attorney General’s office that the correct withholding tax rate is 8%.
The Minister emphasized to the Sugeval that Hacienda maintains the criterion of 15% for non-residents, the rate based on the legislative reform to the “Ley sobre Banca para el Desarrollo”.
The Ministry of Finance says it will apply the 8% withholding to investors who meet the condition of being resident