Deadline to pay income tax is next Monday

December 10, 2012

Some 400,000 Costa Rican taxpayers have until Monday, Dec. 17, to file and pay mandatory income tax.

The deadline was Saturday, Dec. 15, but because it is not a business day it was moved to the following Monday.

Tax Administration Director Carlos Vargas said the declaration must be submitted by all persons or companies with economic activities conducted in the country from Oct. 1, 2011, to Sept. 30 of this year.

Tax Administration officials expect to raise more than ₡755 billion ($1.5 billion).

President Laura Chinchilla on Monday signed a law that reduced or eliminated, in some cases, payment of income tax on the pensions of some 40,000 retired teachers. It saves retirees an average of ₡65,000 ($130).

The new law also benefits some 14,000 workers earning less than ₡615,000 ($1,230) a month, since it states that all people having income below that amount are exempt from paying the tax. Those exceeding the limit must pay between 12 and 16 percent on the excess.

To file declarations, taxpayers must download the Finance Ministry’s free EDDI-7 software (Windows only) from their website and complete the forms digitally. EDDI-7 software can be downloaded here.

Those who do not submit the return on time are subject to fines of up to ₡180,000 ($360).

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