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Construction will become more expensive with tax reform

With the entry into force of the Value Added Tax (VAT) - Impuesto al Valor Agregado (IVA) in Spanish -, all services necessary to complete a construction process will increase by having to charge a tax of 13% on the invoices issued. This is a...

Legislators Approve Plan Fiscal, President Signs Into Law

Legislators on Monday afternoon approved in second and final debate the Plan Fiscal - Ley de Fortalecimiento de las Finanzas Públicas - with the aim of alleviating the country's fiscal deficit. The Tax Reform bill was approved with the votes of 34 votes in favor...

#DontBeFooled: Tax reform does not include charging VAT for purchases made abroad

#DontBeFooled. False are the reports that the  Value Added Tax (VAT) - Impuesto Sobre el Valor Agregado (IVA) in Spanish - applies to purchase made outside of Costa Rica. False is also the reports that purchases made outside of the country with cards issued...

Costa Rica’s Taxman Faces A Challenge With Foreigners With Foreign Payment Options

Rico's TICO BULL - The current government, as its three predecessors, is intent on introducing sweeping tax reforms that include the introduction of a Value Added Tax (VAT) or Impuesto al Valor Agregado (IVA) in Spanish, that proposes to tax many items not taxed under...

Another Try! Government Sends Legislators New Draft Tax Reform

In an effort to keep alive the reforms to the Plan Fiscal (Tax Reforms), the government of Carlos Alvarado delivered to the legislative caucuses a new substitute text, which includes changes in the articles on the Value Added Tax (VAT), income tax and unemployment...

Tax Reforms To Suffer New Impasse

Today, Monday, the tax reform bill "Ley de Fortalecimiento de las finanzas públicas' will suffer a new impasse: a pause in the legislative process to make way for the new Legislative Assembly that forms on May 1. On April 30, the current crop of legislators...

Uber Trips Would Be Taxed If VAT Is Approved

Legal or not, the tax plan that is in the process in Congress,  if approved, would have users of Uber pay the Value Added Tax (VAT) on their trips. The VAT on Uber trips would be 13%. According to Priscilla Piedra, the general director of Hacienda...

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...

President-elect Alvarado Faces Biggest Deficit In Three Decades

The challenge facing the next government led by President-elect Carlos Alvarado, is a Costa Rica economy facing its biggest fiscal deficit in 30 years, when more than one-third of the central government's debt is due and without many instruments to finance it, with permission...

End of Real Estate…….

The Legislative Assembly, our answer to Congress, is looking favorably and closely to charging renters a 13% tax on rental housing in Costa Rica, as part of the plan to move the country from a sales tax (currently 13%) to a value added tax...

Government Proposes To Charge A 15% Tax For Using Services Like Netflix

Intent on solving the country's current financial problems, the government today (Thursday) presented to legislators a new tax plan with the expectation of reducing the gap between expenditure and income from 5% to 2% of Gross Domestic Product (GDP). Among the most relevant points of...

Colombia Mulls Hike In Value Added Tax (TAX)

Colombia Mulls Value Added Tax (TAX) Hike(TODAY COLOMBIA) Colombia is due to hike its value-added tax (VAT) rate to 19 percent from 16 percent. The measure was included in a tax reform bill that was recently approved by Congress. The hike would come into effect...

Costa Rica Urged To Adopt VAT (Value Added Tax)

Q COSTA RICA NEWS - The International Monetary Fund (IMF) has urged Costa Rican lawmakers to agree on much-needed valued added tax (VAT) that would replace the current sales tax on purchases and income tax reforms. The report said that the country has increased its...

IMF Mission Concludes Visit to Costa Rica: “Unsustainable Fiscal Imbalance”

Q COSTA RICA NEWS - The favourable conditions in the global economy allowed Costa Rica's economy to an expected growth of 4.25% in 2016, but more needs to be done to stabilize public debt levels and key is for the government and legislature to...

Costa Rica Looks to Stave Off ‘Ratings Downgrade’ With Tax Increase

(Bloomberg) Costa Rica President Luis Guillermo Solis called on lelgislators to approve tax increases by early next year, or face a possible ratings downgrade as his government struggles to contain a widening budget deficit. “I don’t see why we could not get this approved, but...

A Casado Without Meat Or Egg For Many If Tax Plan Is Approved

QCOSTARICA - A casado without meat or eggs would be the meal for many if the government's new tax reform is passed as presented to the Legislative Assembly. The casado is a traditional Costa Rican dish of rice, beans, platano, egg and a piece of...

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...

NOT The Way To Go Costa Rica, To Tax Electricity, Water, Rents and Health

TICO BULL - One of the issues made clear by both foreign and national businesses, is that Costa Rica has to cut its electricity rates. So, while the president on the one hand gives us the impression that he agrees that electricity rates are high...

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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