Costa Rica Gazettes Law Reducing Income Tax Rates for Self-Employed Individuals

The Costa Rican Official Gazette April 24 published Decree No. 10667, reducing the tax rates for individuals with income from profitable activities. The decree includes measures: 1) exempting annual income up to approximately 6.2 million Costa Rican colones (US$12,370); 2) setting a 10 percent rate for income exceeding approximately 6.2 million colones and up to approximately 8.3 million colones (US$16,501); 3) setting a 15 percent rate for income exceeding approximately 8.3 million colones and up to approximately 10.4 million colones (US$20,631); 4) setting a 20 percent rate for income exceeding approximately 10.4 million colones and up to approximately 20.8 million ...