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Costa Rica is not likely to be a tax haven any longer

Costa Rica is not likely to be a tax haven any longer

It is a well known fact that there are a number of countries in the world that are regarded as what some people call tax havens. This is certainly the case for Monaco where nobody is forced to pay tax. They do make up for it though in the hugely high prices that one pays for everything else. But this is a small price to pay for what many consider to be the worst idea that many governments have ever come up with. Perhaps they are keen to avoid the adage that goes “two things are certain – death and taxes.” It would seem that if you are wealthy enough to live in Monaco then this is perhaps something that you can avoid after all.

But this is not the only country that is regarded as a tax haven and Costa Rica has the same status for those companies that operate in the online gambling industry. Many online gambling companies have in fact established their operations in this South American country for this exact reason. They are not currently forced to pay any tax for their online gambling operations and the level of regulation in the online gambling market here is not exactly what one would call very demanding.

But this situation could all change if the government of Costa Rica has its way. It is once again going through the process of evaluating existing online gambling legislation with the aim of introducing new measures for online gambling companies. The main reason for the current review is the economic situation that has impacted the local economy. The government is forced to look for new sources of revenue and it would seem that the online gambling industry is the next target for this plan. Revenues would come from license fees as well as taxation on the online gambling companies’ earnings.

There are now fears that the proposed measures could result in a number of the companies leaving the country. But this is only if the government actually manages to agree on the policy framework for the regulatory environment. It is clear that this has been a sticking point in the past and naturally the online gambling companies are hoping that history will repeat itself in this instance. If it does not then this could be an expensive exercise for online gambling companies that stay in the country.

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