Tuesday 31 January 2023

After the presidential veto, how much will the 2022 Marchamo be?

The tax value of the cars goes down and the mandatory policy will have a minimum adjustment. But the right of movement will not have the reduction approved by the deputies in the property tax, as was for this 2021

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31 January 2023 - At The Banks - BCCR

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QCOSTARICA – Once the veto was formalized on Friday by President Carlos Alvarado to the bill on the reduction of the 2022 Marchamo, the doubt of the 1,635,450 vehicle owners is whether the right of circulation for next year will be increased or reduced.

The answer to this question will be known tomorrow, Monday, November 1, at midnight, when Instituto Nacional de Seguros (INS) – state insurer – enables the portal.

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However, there are several indications that help to anticipate the cost of this mandatory requirement for circulation.

The main element of the Marchamo is the vehicle property tax, which represents, on the historical average, 70% of the total payment.

It was this amount that the legislators intended to reduce with the bill vetoed by the President, scaled to vehicles with a tax value less than ¢15 million colones.

Though the bill will not go into effect tomorrow, the Ministry of Finance reported that a reduction of the tax value of 91% of the country’s vehicle fleet will have a decrease of up to 8.28%.

The tax value of the vehicle determines the total tax paid on the vehicle.

The decrease is far less than the reduction of between 15% and up to 50% legislators had approved.

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The other relevant element in the right of circulation is the Compulsory Automobile Insurance (SOA), which on average is about 20% of the Marchamo, for 2022 will have a minimum adjustment compared to last year.

Cost examples

A passenger vehicle valued at ¢3 million colones, will pay for 2022, ¢117,737 colones according to an example carried out by the INS. In 2021, with the reduction applied, the tax on the same vehicle was ¢79,575.

In another case, a light commercial vehicle (ie pick up truck, van – there are vehicles with the red/white license plate starting with CL), valued at ¢13.8 million, will pay in 2022 ¢480,238  colones, that is 10% lss than the right of circulation for 2021.

A motorcycle with a tax value of ¢870,000 will have to pay ¢93,713, compared to ¢95,225 this 2021 and which was collected at the end of last year. In this case, what influenced the downgrade was a decrease in the SOA.

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Sidney Viales, head of Compulsory Insurance at the INS, explained that depending on the type of vehicle, as well as the components included in the Marchamo, the price for next year can be up or down from this year.

You can check your 2022 Marchamo here starting November 1.

 

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