Application of Law No. 9635,
Strengthening of Public Finances
Dear Associate:
Receive a cordial greeting from Coopealianza.
For our Cooperative it is a pleasure to have you as a saving and investor associate, which is why we appreciate the preference for the services we offer and the trust placed in Coopealianza.
With the approval of Law No. 9635, Law of Strengthening of Public Finances, which is effective as of July 1, 2019, we allow ourselves to inform you that Law defines that, the income for interest earned in the entities of the Financial System National, they are subject to a 15% withholding for income tax. While these same interest income in the Savings and Credit Cooperatives, maintain a different regime as follows:
- The interest generated by the Fixed Term Savings Certificates: they are subject to withholding of 7% for income tax, which is a unique and definitive tax, in this case Coopealianza will proceed to withhold this tax and transfer it to the Ministry of Finance.
- The interest earned on your Christmas savings, we left, multiple and others: are subject to an 8% withholding for income tax, which is a unique and definitive tax, when they exceed the equivalent of 50% of a base salary defined by the Ministry of Finance (₡ 223,100 for 2019), During the defined fiscal period from January to December of each year, in this case Coopealianza will proceed to withhold this tax and transfer it to the Ministry of Finance.
- Interest earned on your sight savings: This type of savings is exempt from income tax, so no one associated with this type of savings will pay tax.
In the event that you have entrusted us with your savings before the entry into force of Law No. 9635, Law for Strengthening Public Finance, that is, before July 1, 2019, you must adhere to the previous tax regime, in accordance with the Law 7092, Income Tax Law.
It is necessary that you be aware that according to article 106 bis Information held by financial entities, of the Law for compliance with the Fiscal Transparency Standard N ° 9068, it is defined that: “Financial entities must provide the Tax Administration with information about their clients and users, including information on transactions, operations and balances, as well as all kinds of information on the movement of current and savings accounts, deposits, term certificates, loan accounts. and credits, trusts, individual investments, investments in joint portfolios, stock exchange transactions and other operations, whether active or passive, as long as the information is foreseeably relevant for tax purposes (…) ”. This provision requires financial institutions to report the amount of interest earned by associates.
Once again we thank you for the trust placed in Coopealianza. In the same way we want to express to you that, we are here to serve you and in case of any doubt or query please contact:
Phone: 2785-3000
Whatsapp: 8554-3000
Email: service@coopealianza.fi.cr