Corporate tax proposal among those given OK

Lawmakers have put a bill to assess a $300 tax on each corporation in the country on what they call a consensus agenda. Each political party in the Asamblea Legislativa wants the bill to pass.

This is law 16.306. It imposes the $300-a-year tax on corporations and limited liability companies. The law is supposed to go into effect three months after passage, and operators of corporations are supposed to pay a proportional share of the tax by Dec. 31 and then the full $300 in January. Any company that does not pay for three years in a row will be dissolved by the Registro Nacional, says a text of the proposal.

In addition, the text says that the tax cannot be deducted as an expense for income tax purposes.

Also getting the green light from lawmakers is law 17.861 which provides for fines if a taxpayer fails to pay the appropriate partial tax every four months. The measure also makes changes in the so-called luxury home tax that allows for the assessment of penalties for those who underreport the value of their dwelling.

The Chinchilla administration supports both bills, and both are on the floor of the assembly for final action.

In addition, the political parties have agreed on 23 other proposals that they want to see passed. These include changes in the law governing lotteries, a law protecting subjects in medical experiments and a law designed to advance freedom of the press. Some of these have been in the hopper for years. Some are highly technical covering areas like pensions.

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