The plenary of the Legislative Assembly approved this Thursday, October 24, in second debate,
- a bill introducing amendments to the Income Tax Law.
The exemptions and non-attachments will apply retroactively from the entry into force of Law No. 9635 of 2018.
- At the time of the vote, all 42 deputies present voted in the affirmative, so that it now passes to the Executive Power for its sanction as a Law of the Republic.
The Legislative Assembly of Costa Rica introduced Bill No. 24.002, which proposes an amendment to the Income Tax Law (Law No. 7092) to exempt trusts used in the development of public works from certain tax burdens. This proposal, led by Congressman Alejandro José Pacheco Castro and other legislators, responds to the need to reactivate the public infrastructure sector through tax relief for trusts dedicated to these projects.This project arises in view of the stagnation in the development of public works in Costa Rica, a problem evidenced by statistics from the Central Bank and the Costa Rican Chamber of Construction, which highlight a significant slowdown in this sector since 2017. The initiative seeks to alleviate the tax burden for trusts, allowing them to optimize resources and reduce the costs of projects financed with public funds.
The exemptions and non-taxation will be applied retroactively from the effective date of the Law for the Strengthening of Public Finances, guaranteeing immediate tax benefits and allowing the financial restructuring of already constituted trusts.