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IMF Recommends Costa Rica Increase Taxes

The International Monetary Fund (IMF) - Fondo Monetario Internacional (FMI) in Spanish - recommends the government of Costa Rica increase taxes.

Legislators Looking To Tax Non-Traditional Lodging

The proposed bill to generate security in tourism to avoid repeating what happened in the Airbnb where Carla Stefaniak stayed, where her body was found, is being discussed in the Economic Affairs Committee (Comisión de Asuntos Económicos), where taxing non-traditional lodging like Airbnbs would...

Sala IV Orders Treasury To Reveal List of Tax Debtors

Costa Rica's Sala IV (Constitutional Court) ordered the Ministry of Finance (Treasury) to reveal the list of tax debtors, including the names and amounts of the individuals and legal entities that owe money to the Treasury. The Court considers the information public access, as stated...

Uber alerts customers that the government’s bill would limit vehicle supply and double waiting times

For over three years, Uber, the ride-hailing app, has been fighting for its place in Costa Rica, battling government inaction and the verbal and physical abuse of the red or formal taxis. This week, the government of Carlos Alvarado presented a legislative bill to formalize...

Reforma Fiscal (Tax Reform) Now Law!

It didn't take days to publish the Reforma Fiscal (Tax Reform) passed in second and final debate late Monday afternoon and signed by President Carlos Alvarado less than a couple of hours later, in the official government newsletter, La Gaceta. Typically, it can take up...

What could be expected with the exchange rate in the coming weeks?

The dollar has dropped, hovering the ¢600 mark after a high only a few weeks ago of ¢630. What could be expected from the exchange rate in the coming weeks? The position of the Constitutional Court (Sala Constitucional ) with respect to the bill -...

Letter to the Editor: Collect the taxes that are due!

What I am going to suggest as an answer to the fiscal crisis in Costa Rica is simple. Collect the taxes that are due and payable through enforcement. In the U.S., we had the IRS with frightening power. When I lived in Russia we had what...

Legislator Enrique Sánchez: “Uber would pay a 3% tax for each trip”

Under the premise that Uber must be legal in Costa Rica, PAC legislator Enrique Sanchez, is promoting a bill that aims to level the playing field with taxi drivers and would incorporate a 3% tax on each trip made by the drivers of Uber. Questioned...

Tax Plan (Plan Fiscal) Would Prohibit Buying Drugs With Cash

If the government's tax reform (plan fiscal) proposal becomes a reality and comes into force, 1.2 million people in the country would not be able to buy even an aspirin at their local pharmacy. The current text of the initiative, and on which there is...

Costa Rica to Issue US$4 billion in Foreign Markets

To avoid further pressure on local interest rates, the Ministry of Finance will be considering issuing US$1 billion a year in the international market over the next four years. Representatives from the Ministry of Finance confirmed that they are preparing an application to the Legislative...

Costa Rica Story Sparks Threat of Lawsuit

Manitoba's Premier Brian Pallister wants Free Press to apologize. Pallister is refusing to answer questions regarding taxation issues about his Costa Rican property and threatening to sue the Free Press for its coverage of the story. Pallister has refused to discuss whether a company he...

Internet Purchases Would Pay Double Tax, If Propose Tax Reform Approved

Purchases made online in Costa Rica would have two types of taxes, if the current text of the Ley de Fortalecimiento de las Finanzas Públicas (tax reform bill), making its way to the legislative process is approved after reaching the full Legislative Assembly on...

One Step Closer to a Tax Reform

The Costa Rican Legislature has accepted a fast track bill that would transform the 13% sales tax into a Value Added Tax (VAT) and in addition a 4% rate on the purchase of packaging, wrapping and raw materials, among other things. The Impuesto al Valor...

Down To The Last Four Months

President Luis Guillermo Solis leaves office on May 8, 2018, after four years at the helm of a nation that some have qualified it as "ungovernable". In this Crhoy.com caricature, the President's main challengers this year are Taxes and Security.

Hacienda (Taxation) Confirms Internet Purchases Of Up To US$500 Are Tax Exempt

The Ministerio de Hacienda (Ministry of Finance) confirmed, through a statement issued today (November 23, 2017), that any Internet purchase, that is not for prohibited goods or for commercial purposes (only personal or family), and not exceeding US$500, are exempt from paying taxes.   The exemption...

Medical Marijuana In Costa Rica: Government To Charge Up to US$2.5 Million For Concession

The bill that would legalize the production of cannabis for medicinal, industrial and food purposes would allow the Government to for a concession to plant, research and develop marijuana products. The legislative proposal, that began its process in Congress in August 2014, made considerable progress...

“No Hay Plata” – No Free Lunch In Costa Rica!

After recognizing the serious liquidity problems, last week the government of Luis Guillermo Solis has announced it will borrow another US$1 billion dollars for a hearty lunch that others government will pay for tomorrow. This week, in its attempt to cut spending (not costs), Solis...

Costa Rica Government Faces “Liquidity” Problems

President Luis Guillermo Solis announced Tuesday night that the government "faces liquidity difficulties to pay its obligations and guarantee the operation of essential services." In a television address to the nation, Solis warned if measures are not taken, interest rates on home loans and credit...

Colombia Wants to Tax Bitcoin despite Declaring It Illegal

According to a statement by the Financial Superintendence, Bitcoin is considered a high-risk currency. And in Colombia, the peso is the only legal tender by which a person can be paid. (Twitter) TODAY COLOMBIA – In recent months, Colombia has experienced a growing interest in...

Tax Man Will Maintain 15% Withholding On Interest Earned By Foreigners

Q COSTA RICA - The Ministerio de Hacienda (Ministry of Finance) says it will maintain the 15% withholding on profits earned in the stock market by foreign investors. Helio Fallas, the Minister of Finance, informed the Superintendencia General de Valores (Sugeval) - Superintendency of Securities...

Legislators Get Constitutional Green Light To Revive ‘Corporations Tax’

Q COSTA RICA - The Constitutional Court or Sala IV as it is commonly known gave the green light to the legislative bill to revive the 'corporations tax'. The Court said it found no procedural or substantive defects (errors). The vote was unanimous. The Court decision...

Why Are Costa Ricans Not Willing To Pay Taxes?

Q COSTA RICA / Why are Costa Ricans reluctant to pay taxes? What are the consequences of such behavior?  "So much paid in taxes and see the roads", or "I did not file a tax return and nothing has happened to me!" are expressions...

Raising Taxes in Colombia Will Not Help the Country’s Poor

A view of Medellin from the Metro Cable. The common argument for more taxes in Colombia is that low-income people will access programs for free housing, health, and education. (Flickr)(Today Colombia) Colombian President Juan Manuel Santos has emphasized ad nauseum that though the tax...

Costa Rica: Personal Taxation

QCOSTARICA often gets inquiries about taxes in Costa Rica. For that we turned to Tax-News.com, a great source of tax information on Costa Rica and around the world. The following is their take on taxes of individuals in Costa Rica: In Costa Rica the taxation of...

Tolls and Marchamo Would Finance Electric Train

QCOSTARICA - Soon, when you pay a toll or your annual Marchamo (vehicular circulating permit), you will be contributing to the start of the electric train in the Greater Metropolitan Area of San Jose or GAM. At least that is the intention of legislators who...

Tax fraud to keep the IRS busy long past April

(Q24N from LAtimes.com) Three things are certain in life. Death and taxes are two of them. The third is tax fraud. With tax day in the United States come and gone, U.S. federal investigators now face another year of chasing some of America's most colorful...

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