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Costa Rica Banks Win Tax Lawsuit Against Hacienda

Costa Rica's banking sector won a lawsuit against the Ministerio de Hacienda (Ministry of Finance), arising from disagreements over the method used to calculate tax payments. The legal dispute dates back several years, since in 2003 the General Directorate of Taxation (DGT) validated the methodology...

Property tax on vehicles will decrease 8% for 2019

The owners of 2,391,602 vehicles will feel a relief when paying the property tax on the vehicles for 2019. The Ministry of Finance announced a decrease of 7.76% less over 2018. The property tax on vehicles is payable by December 31 each year, and included...

Ministry of Finance Toughens Stand Against Income Tax Fraud

The Ministerio de Hacienda (Ministry of Finance) seized the machinery of the company Representaciones Artísticas Mayfa S. A., a company dedicated to the manufacture of wooden pallets. The seizure (embargó in Spanish) was to recover a little more than ¢1.053 million colones in tax arrears...

Taxation Closed 35 Businesses In The Last Week For Tax Irregularities

Behind on your business taxes? The General Directorate of Taxation, of the Ministry of Finance (Ministerio de Hacienda), may be knocking on your door as it did this past week, yellow taping (closing down) 35 businesses for five calendar days in different parts of...

Costa Rica Strong Increase in the Financial Deficit

The financial deficit up to October 2017 reached 4.6% of GDP, above the 3.9% registered in October 2016, according to the Ministerio de Hacienda (Ministry of Finance). From a statement issued by Hacienda: The fiscal results up to October show the urgent need to have an...

Bill Proposed To Lift Bank Secrecy Law in Costa Rica

Bank secrecy (or bank privacy) prohibits banks in Costa Rica providing to authorities personal and account information about their customers without a court order. A bill that is being currently discussed in Congress would remove banking secrecy (or bank privacy) in the country, allowing the...

‘Corporations Tax’ Amnesty For 90 Days

From September 1 to December 1, companies can take advantage of an amnesty to bring to date their payment of the 'Corporations tax'. The "Corporations Tax" is an annual tax for all corporate entities, akin to a 'compulsory annual membership fee'. It is not the...

Buy online? Here Are The “Authorized by Hacienda” Package Import Services

(QCOSTARICA) Shopping online is a practical way of getting the things you want, things that can't be found or are just too expensive in Costa Rica. Though online shopping is an everyday thing now, the volume of purchases increased during year-end. It is important to...

It’s MARCHAMO Time!

(QCOSTARICA) It's that time of year again. It snuck up quickly this year, November 1, when the following year's Marchamo becomes known. Starting this morning, the INS website publishes the cost of the 2017 Marchamo - the annual circulation permit for every registered vehicle in...

Hacienda (Taxman) Ups Again “Tax Value” On Vehicles

  In an attempt of a cash grab, the Ministerio de Hacienda (Tax Department) seems to be up to its old tricks, raising the “Valor Hacienda” (tax value) of vehicles once again, in time for the 2017 Marchamo. An old decrepit jalopy like this can still...

Costa Rica To Probe The Named In The Panama Papers

QCOSTARICA - The leak of some 11.5 million documents of the Panamanian law firm Mossack Fonseca has grabbed headlines around the globe. A tax haven is a tax haven. Simple. But the list of allegations and the scale of the issues involved continues to grow,...

Don’t Just Accept It, File For A Reduction

QCOSTARICA - If you are like one of the many, the 'fiscal' (tax) value of your vehicle has increased or feel that it is too high, you can file for a reduction. Although the review is made in San Jose, the request can be filed...

Hacienda Insists On Seizures Without a Court Order

(QCOSTARICA) --The government insists on authorizing the Directorate of Taxation (Dirección de Tributación Directa) to seize assets and bank accounts of delinquent taxpayers, despite the lack of a court decision. However, on Monday, it backed down on giving Taxation the authority to take possession of...

Taxation Aims To Seize Property And Bank Accounts Without a Warrant

(QCOSTARICA) In an effort to reduce the estimated ¢58 billion colones in tax evasion, the government wants to empower the Directorate of Taxation (Dirección de Tributación Directa) to seize property and bank accounts of taxpayers, without and order from a judge. That's one of the...

Will There Be A Light At the End of the Fiscal Reform Tunnel in Costa Rica?

QCOSTARICA - Experts warn that the draft law which aims to raise income tax and convert sales tax into Value Added Tax (VAT) might not be approved for two years, despite the government's intention to have it place before the end of this year. The...

Hacienda Extends Consultation on Tax Reform

QCOSTARICA - The Ministry of Finance (Ministerio de Hacienda) has postponed until April 17 the deadline for individuals and businesses to comment on the draft legislation reforming income and sales taxes. Originally the deadline for providing comments on the tax proposal was March 27, but...

Government Plans To Create 15% VAT On Goods and Services

QCOSTARICA - The government on Tuesday proposed transforming the current sales tax of 13% to a Value Added Tax (VAT), levied both on goods and services, at a rate of 15%. The proposal by the Ministry of Finance (Ministerio de Hacienda) establishes a gradual adjustment:...

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