Costa Rica: Plan Fiscal Proposes A Global Income Tax
From: www.insidecostarica.com
The Partido Acción Ciudadana (PAC) and the government assure that the proposal to include a "global income tax" in the Plan Fiscal (Tax Plan) will not affect those with fewer financial resources because it is a progressive plan.
The global income tax is one of two points agreed to by the government and the opposition party to fast track the Plan Fiscal.
The proposed plan calls for a 15% tax on revenues generated in another country and moved to Costa Rica. Exempt from the global tax capital gains by way of inheritances, bequests and donations. The tax would apply to all income from a dual perspective: income generated from labour and capital.
The global tax can address serious financial problems facing the country at the same time raising revenue for development.
Systems of personal income tax vary enormously around the world. The differences are big and small, simple and complex. Some countries' personal income tax code consists of one word - “none” - while other countries' consist of volumes and volumes of intricate details.
However, almost all nations are unified on one point: a country only taxes non-residents on, at most, income earned within the country. Residents are fully taxed by the country according to its tax code. But if you don't live there, then your personal income tax obligation to that country is limited to, at most, tax on only the income earned within that country.
If approved, Costa Rica joins the United States as one of the few countries in the world which levies personal income tax on all its citizens: not only on its residents – citizens or non-citizens – but also on its citizens who do not live in the country. All citizens of the United States are taxed under the same personal income tax system, regardless of whether they live in the country or abroad.
Word of the Day
Revenue
rev·e·nue : \ˈre-və-ˌnü, -ˌnyü\
Origin: Middle English, return, revenue, from Anglo-French, from revenir to return, from Latin revenire, from re- + venire to come — more at come
First Known Use: 15th century
Noun, often attributive
1 : the total income produced by a given source <a property expected to yield a large annual revenue>
2: the gross income returned by an investment
3: the yield of sources of income (as taxes) that a political unit (as a nation or state) collects and receives into the treasury for public use
4: a government department concerned with the collection of the national revenue
rev·e·nue : \ˈre-və-ˌnü, -ˌnyü\
Origin: Middle English, return, revenue, from Anglo-French, from revenir to return, from Latin revenire, from re- + venire to come — more at come
First Known Use: 15th century
Noun, often attributive
1 : the total income produced by a given source <a property expected to yield a large annual revenue>
2: the gross income returned by an investment
3: the yield of sources of income (as taxes) that a political unit (as a nation or state) collects and receives into the treasury for public use
4: a government department concerned with the collection of the national revenue
More Vocabulary
Abroad: adv. or adj. beyond the boundaries of one’s country
Bequeath: v. to give or leave by will —used especially of personal property
Gain: n. resources or advantage acquired or increased
Intricate: adj. having many complexly interrelating parts or elements
Levy: v. to impose or collect by legal authority
Obligation: n. a commitment (as by a government) to pay a particular sum of money
Bequeath: v. to give or leave by will —used especially of personal property
Gain: n. resources or advantage acquired or increased
Intricate: adj. having many complexly interrelating parts or elements
Levy: v. to impose or collect by legal authority
Obligation: n. a commitment (as by a government) to pay a particular sum of money
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