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29 Products Removed From The Basic Basket And Must Pay The 13% Sales Tax

Soon, possibly as early as next week, a total of 29 products will no longer be included in the "canasta basica" (basic basket) and will be subject to the 13% sales tax. Their removal, says the Ministerio de Hacienda (Finance Ministry) is because they...

“Tax on Luxury Homes” And “Corporations Tax” Is Approaching

Owners of luxury homes - for 2019, homes valued at more than ¢131 million colones (US$210,000 dollars) - must pay the Impuesto Solidario para el Fortalecimiento de Programas de Vivienda (Solidarity Tax for the Strengthening of Housing Programs), known as "tax on luxury homes",...

Gas Stations Back Off On Threat After Quick Action By Ministry of Finance

All is cool again at the country's gasoline stations. The threat of not accepting credit and debit cards starting today as announced Monday night was called off thanks to the "prompt" reaction by the Ministerio de Hacienda (Ministry of Finance). This morning, Tuesday, José Miguel...

Costa Rica finances 73% of its public education with indebtedness

The payment of teacher salaries, the operation of the school lunch program, scholarships, improvements in educational infrastructure and the transfers to the public universities in their majority were financed through indebtedness during 2018. A recent report from the Contraloría General de la República (CGR) -...

Christmas Arrives. Hacienda Announces Payment of Aguinaldo On Wednesday

With ¢100 million colones received from the Banco de Costa Rica (BCR) for the 'absorption" of the now extinct Banco Crédito Agrícola de Cartago (Bancrédito) and other financial maneuvering, the Ministerio de Hacienda (Ministry of Finance) announced that it will pay on Wednesday, December...

OIJ Investigating Molotov Cocktail Bombing Of Ministry of Finance Building

The Organismo de Investigación Judicial (OIJ) are investigating the explosion of two Molotov cocktails against the Ministry of Finance building in downtown San Jose on Thursday and confirmed a note appeared on the site, alluding tot he approval of the plan fiscal or tax...

Government resorts to “pawning grandma’s jewelry” to pay debts

The Government resorted to "pawning grandma's jewels" to be able to face the debts for the next quarter. Those are the simple words to understand the government's decision Tuesday afternoon of the issuance of ¢498 billion colones in treasury bills, which can be acquired...

Tax Department Will Not Yield To Strike, Business As Usual Minister Assures

One public institution that is guaranteed to be operating normally on Monday is the Ministerio de Hacienda (Ministry of Finance) and all its dependencies, such as customs and tax offices across the country. The ministra de Hacienda, Rocío Aguilar, confirmed this on Sunday, that even...

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...

IMF Mission: Fiscal Measures in Costa Rica Are Insufficient, But Necessary

The International Monetary Fund (IMF), during a visit to Costa Rica from June 12 to 15, 2018, warned that although the measures announced by the authorities to confront the fiscal situation are a step in the right direction, a more comprehensive reform strategy would...

New Public Employment Law Needed To Reduce Fiscal Deficit

Without a new public employment law, the cost containment measures presented by the Ministra de Hacienda (Minister of Finance) Rocio Aguilar, will not be enough to resolve public finances. Likewise, the business sector insists that the next step is to take measures that change public...

Costa Rica: A Step Backwards for Debt Issuance

Arguing that the financial conditions and the term of the operation were not adequate, the Ministry of Finance has decided not to issue $1,5 billion in debt bonds in the local market. The announcement was made by the Ministry of Finance through a Relevant Fact...

Costa Rica Stock Market Activity Shrinking

The failure of the Central Government's latest effort sell bonds on the local financial market leads analysts to believe stock market activity in the country is shrinking. On Wednesday, December 13, the Ministerio de Hacienda failed to raise the needed ¢80 billion colones to pay...

Álvarez Desanti Unintentionally Picks A Fight With Lady Gaga

Presidential candidate Antonio Alvarez Desanti unintentionally charged a Lady Gaga fan club for misuse of public resources in Costa Rica. The Partido Liberacion Nacional (PLN) candidate had intended his message for President Luis Guillermo Solis. The not so happy Desanti made his complaint over whether...

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...

Corret Income Tax for Foreigners Investing in Costa Rica Stock Market Is 8%

Since September 25, foreigners who acquire securities from the local stock market will have to pay 8% tax on the dividends generated, just like the tax paid by nationals, and not the 15% set previously. The differences that had arisen regarding how much and in...

‘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...

Government Planning ¢61 Billion Cut

QCOSTARICA - Finance Minister Helio Fallas announced this week that the government plans to make ¢61 billion colones in spending cuts to the budget it will submit to the Legislature in the comin days. In November, the Solis Administration maneuvered through with legislative slight...

Finance Ministry Wants To Encourage Use of Plastic Money With A Lottery

QCOSTARICA - In order to better collect taxes and tax control on businesses, the Ministry of Finance (Ministry of Finance) has teamed up with the Chamber of Banks and Financial Institutions (Cámara de Bancos e Instituciones Financieras) to promote the use of plastic money...

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