A new legislative proposal aims to address the challenging circumstances faced by the real estate investment funds industry since the implementation of tax changes in the Strengthening of Public Finances Law of 2018. The amendment suggests a gradual adjustment of the tax rate, which surged from 5% to 15% in July 2019, to revitalize the sector. The objective is to stimulate the industry's resurgence, enhance yields, and sustain growth in managed balances and secondary market transactions. Beyond reactivating real estate funds within a regulated framework, the proposal is positioned as a key driver for revitalizing the construction sector, heavily impacted by the pandemic-induced unemployment surge, thereby contributing to economic recovery and job creation.

The Costa Rican Legislative Assembly has approved a comprehensive reform of the vehicle, aircraft, and watercraft property tax, amending Law No. 7088 of 1987 and its Article 196 in the Traffic Law. The reform includes changes in the tax calculation structure, exemptions for new vehicles, and adjustments to applicable rates. This measure is expected to have a direct impact on the financial burden of citizens and the country's economic dynamics, while sparking debates on tax fairness and fiscal resource management efficiency.

The Legislative Assembly of the Republic of Costa Rica has passed a comprehensive reform in the Vehicle, Aircraft, and Watercraft Property Tax, modifying the calculation and determination structure of the tax. The reform includes the introduction of progressive rates based on market value, exemptions for year-specific vehicles, and adjustments to late payment penalties. Additionally, changes are established in the rates for vehicles dedicated to paid transportation and cargo trucks, with special considerations for work-used motorcycles. The law also impacts the process of clearing obligations for transit and road safety-related procedures. These modifications will take effect upon publication, with transitional provisions for refunding overpayments and the gradual adaptation of internal regulations by the Government and the National Registry.

The Legislative Assembly of the Republic of Costa Rica has enacted new legislation, the "Law Strengthening Municipal Federations," amending the Municipal Code and other related laws. The law allows municipalities to join federations and confederations with the aim of addressing regional challenges and strengthening municipal institutions. Objectives of these federations include promoting social, territorial, environmental, and economic progress, as well as improving technical and financial conditions for member municipalities. Funding for these structures will come from a maximum of two percent (2%) of resources from the Property Tax Law. Additionally, an exception is introduced in the Law Strengthening Public Finances to exempt federations, leagues of municipalities, and municipal confederations from certain provisions. The new law takes effect upon publication.