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New Costa Rican tax law criticised

Tax legislation approved on July 2 by the Congress of Costa Rica has added a new article (61 bis) to the country’s income tax law, completing the chapter on rates, liquidation, and payment of taxes on foreign remittances. The article establishes an annual tax of US$125,000 for offshore banks and financial institutions with ties to Costa Rica, to be settled in the national currency, colones.