PIF annual taxes

[Dottie Atwater]

What are the current annual taxes for a Private Interest Foundation? Thanks.

Edited June 5, 2016 by Dottie Atwater
addition

[Bud]

The Tasa Unica currently is $400.00 per year. Must be paid in cash at Banco Nacional.

[Dottie Atwater]

Thank you, Bud. Another question: what is the "normal" registered agent fee?

[Penny]

3 hours ago, Bud said:

The Tasa Unica currently is $400.00 per year. Must be paid in cash at Banco Nacional.

It can also be paid at Caja Ahorros which is another government owned bank. The registered agent fee varies by attorney providing the service. My attorney charges nothing. Before you ask, he is retired and not taking new clients.

[Bud]

I have taken care of this task myself for many years. Only fill out one form (using all the numbers from the prior year's form), spend a few minutes in line at the bank, and it is done. Best news is no agent fee involved.

Was not aware the Tasa Unica could be paid at Caja Ahorros. Will keep that in mind in case the lines at BN in Boquete are too long.

[Dottie Atwater]

 I'm confused. Isn't a registered agent required?

[Bud]

A PIF must have a registered agent, yes. Must the registered agent pay the Tasa Unica, no.

I understand some attorneys will say or infer that a registered agent must pay the Tasa Unica, but nope. Such a statement would be for obvious reasons.

[Dottie Atwater]

But don't you have to pay the registered agent a yearly fee?

[Brundageba]

You just pay the attorney each year for ....being your attorney ( registered agent).  The fee varies ($300-400 or so.)   The tax we pay ourselves.

[JudyS]

2 hours ago, Dottie Atwater said:

 I'm confused. Isn't a registered agent required?

A registered agent is required, but the agent does not have to charge you a fee or pay the taxes for you.  My attorney is listed as the registered agent for my corporation, but I pay the taxes myself at Casa de Ahorra, and he has never charged me an agent fee.  Some attorneys are not as nice.

[Bonnie]

I changed lawyers within the last year. My former lawyer used to take care of all taxes and fees and then bill me. But now I'm on my on. I have paid my property tax at Banco Nacional, but I also owe corporation taxes and resident agent fee which must be paid by July 15. Are these also paid at Banco Nacional or Caja de Ahorros, or are they paid to the lawyer? What are these taxes/fees called in Spanish?

Edited June 8, 2016 by Bonnie
spelling

[Keith Woolford]

'tasa unica'

[Bonnie]

20 minutes ago, Keith Woolford said:

'tasa unica'

The term "tasa unica" is for both, i.e., taken together? Since it means "single rate," that seems logical. However, it doesn't seem logical for a resident agent fee to be paid to the government rather than to the resident agent.

Edited June 8, 2016 by Bonnie

[Keith Woolford]

Sorry Bonnie, the 'tasa unica' is the fee to the government. The resident agent fee goes to the resident agent, who is usually your lawyer.

One lawyer I have on a Fundacion doesn't charge a resident agent fee.

Contrarily, the lawyer I have for a Corporation I bought charges a fee, but only collects it every few years, and we negotiate a bit.

Edited June 8, 2016 by Keith Woolford

[Bud]

On June 5, 2016 at 9:49 PM, Dottie Atwater said:

But don't you have to pay the registered agent a yearly fee?

Nope. Not unless he is actively involved in doing something in his capacity as the registered agent. Since I pay the Tasa Unica he does nothing and is paid nothing.

It is my understanding that a registered agent is required. That does not bother me and seems reasonable. It is a matter between the registered agent and you whether he is paid any fee for holding that position.

BTW, I also take care of the income tax filings through a CPA in David. A fee is paid for that service. It is my understanding that a CPA must file that report, but some expats tell me otherwise. If there is clarification on this point, I would appreciate it.

[Dottie Atwater]

Bud, where do you get the forms for the Tasa Unica? Is it possibly the same form that I use to pay property taxes? Thanks! My registered agent handles no business for my foundation (I don't have any) but he charges me $150 per year for his "services." I'm getting fed up with this and intend to change. But my taxes/his fee are due by June 15th so I guess I'll have to bit the bullet and pay him his year. He pays the taxes (after I sent him the money), but I could certainly do that myself.

[Brundageba]

Banco National.....at the counter with all the bank forms

[Dottie Atwater]

Muchas gracias!

[Bud]

On 6/16/2016 at 6:38 AM, Dottie Atwater said:

Bud, where do you get the forms for the Tasa Unica? Is it possibly the same form that I use to pay property taxes?

...

Dottie,

In case it might help, here is a scan of the form that we use at Banco Nacional for our foundation. One simple form, which you get at the bank.

I do not know the answer to your second question. We are still in the exoneration period for not having to pay property taxes.

FY2016 La Vision Foundation Tasa Unica 2010503.pdf

[Dottie Atwater]

Thank you, Bud. Yes, it does help. I didn't have time to research for another lawyer to be my registered agent this year (taxes/agent fee due July 15th), but by next year I hope to have a registered agent who doesn't charge $150 for doing nothing except paying the annual taxes.