Central Bank and Federal Reserve prepare to adjust their interest rates

New tax reform approved in first debate modifies the income tax for self-employed workers, raising the exemption threshold and adjusting tax scales.

Published on

25/09/2024
Taxes, News

The Costa Rican Legislative Assembly approved in first debate a reform that reduces income tax for lower income self-employed workers. The reform raises the exempt threshold to ¢520,000 per month (¢6,244,000 per year). In addition, it establishes new tax scales from 10% to 25% for income above that amount. This change seeks greater tax equity, since previously self-employed workers started paying the tax from ¢344,000 per month, while salaried workers have a higher threshold.

Tax Reform: Changes in Income for Self-Employed Workers

Main Modifications

  • New exemption threshold: ¢520,000 per month
  • Annual threshold: ¢6.244.000
  • Tax scales: 10% to 25%

Impact and Comparison

  • Previous threshold: ¢344,000 per month
  • Objective: Matching with salaried employees
  • Status: Approved in first debate

Contact us.

Tel. 2519-9992

WhatsApp. 7065-9706

Email. info@ics.cr