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Costa Rica's Tax Authority publishes income tax brackets for tax year 2024
- New brackets have been published for corporate income, income from profitable activities and the salary tax.
- The brackets will go into effect on 1 January 2024.
On 7 December 2023, Costa Rica's Tax Authority published Executive Decree No 44276-H, which contains the income tax brackets applicable for tax year 2024.
For companies with an annual gross income exceeding CRC1120,582,000 (US$226,555)2 the applicable corporate income tax rate will be 30%.
The following corporate income tax rates will apply to the income of companies with annual gross income of CRC120,582,000 or less:
|
Amount of income |
Rate |
|
|---|---|---|
|
Up to CRC5,687,000 (US$10,685) |
5% |
|
|
More than CRC5,687,000 (US$10,685) to CRC8,532,000 (US$16,030) |
10% |
|
|
More than CRC8,532,000 (US$16,030) to CRC11,376,000 (US$21,373) |
15% |
|
|
More than CRC11,376,000 (US$21,373) |
|
|
The following income tax rates will apply to the income obtained by individuals from profitable activities:
|
Amount of income |
Rate |
|
|---|---|---|
|
Up to CRC4,127,000 (US$7,754) |
Exempt |
|
|
More than CRC4,127,000 (US$7,754) to CRC6,164,000 (US$11,581) |
10% |
|
|
More than CRC6.164.000,00 (US$11,581) to CRC10,281,000 (US$19,316) |
15% |
|
|
More than CRC10,281,000 (US$19,316) to CRC20,605,000 (US$38,713) |
|
|
|
More than CRC20,605,000 (US$38,713) |
25% |
|
The following salary tax rates will apply:
|
Amount of income |
Rate |
|
|---|---|---|
|
Up to CRC929,000 (US$1,745) |
Exempt |
|
|
More than CRC929,000 (US$1,745) to CRC1,363,000 (US$2,560) |
10% |
|
|
More than CRC1,363,000 (US$2,560) to CRC2,392,000 (US$4,494) |
15% |
|
|
More than CRC2,392,000 (US$4,494) to CRC4,783,000 (US$8,986) |
|
|
|
More than CRC4,783,000 (US$8,986) |
25% |
|
The new tax brackets will be effective on 1 January 2024.
For additional information with respect to this Alert, please contact the following:
Ernst & Young, Costa Rica
- Rafael Sayagués
- Randall Oquendo
- Daniel Quesada
Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor
For a full listing of contacts and email addresses, please click on the Tax News Update: Global Edition (GTNU) version of this Alert.