Extension of Transitional Measures for Payment of Debts with the CCSS - As its acronym in Spanish the Costa Rican Social Security Fund

Through Scope No. 105 in the official newspaper La Gaceta No. 102 on June 6th, 2024, the Costa Rican Social Security Fund (CCSS) has extended the transitional measures of the Regulation for the formalization of debt payment agreements by employers and independent workers. These measures, approved on June 6th, 2024, will be in force until July 31st, 2024.

Key Transitional Measures:

I. Inclusion of Debts with the Social Development and Family Allowances Fund - As its acronym in Spanish FODESAF: Employers in good standing with the CCSS, can include debts with FODESAF in new payment agreements.

II. Interest Rate: Arrangements in Costa Rican colones will have a rate based on the basic passive rate of the Central Bank plus 1%, not lower than interannual inflation.

III. Adjusted Maximum Deadlines: Deadlines for payment agreements are modified according to specific situations.

IV. Non-compliance: Agreements terminate due to delays of more than 90 calendar days.

V. Formalization Expenses: They can be included in debts of less than one million CR colones.

VI. Single Interest Payment Modality: Agreements allow a single interest payment for up to two years, followed by leveled installments.

VII. Readjustment of Agreements: Authorized under specific conditions.

VIII. Income of Guarantors: It must cover at least 12% of the debt.

These measures provide employers and workers with more favorable conditions for regularizing their debts with Costa Rican social security.

See:

https://www.imprentanacional.go.cr/pub/2024/06/06/ALCA105_06_06_2024.pdf

Elimination of Interest on ISR (income tax) Rectifications for Companies

Law 10469, published in the official newspaper La Gaceta on May 7th, 2024, modifies the first paragraph of Article 33 of the Income Tax Law. 

The modification to Article 33 now exempts taxpayers from paying interest for late reports. Previously, correcting a return automatically meant incurring additional charges, leading to financial complications.

However, with this update, employers can adjust the reports according to the corresponding periods without worrying about these interests. 

This is a relief for employers and employees since any negative impact on the latter's income is avoided. The measure seeks to simplify the tax process and promote greater clarity and equity in the tax system.

See:

https://www.pgrweb.go.cr/scij/Busqueda/Normativa/Normas/nrm_texto_completo/

Unemployment rate maintains a downward trend, according to the Employment Survey

It was published on March 13th, 2024. Our country's unemployment rate maintains a downward trend and stands at 7.9%, according to the most recent Continuous Employment Survey – As its acronym in Spanish ECE of the National Statistics and Census Institute - As its acronym in Spanish INEC, for the quarters of November, December, and January 2024 (NDE 2023/2024).

That means 3.8 percentage points less than the same quarter of the previous year. In terms of gender, the unemployment rate for women decreased significantly by 6.1 percentage points to close at 9.1%, while in the case of men, it closed at 7.3%.

See:

https://www.mtss.go.cr/prensa/comunicados/2024/marzo/Latasadedesempleo/

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