Wednesday 27 September 2023

Cars valued at less than ¢22 million would pay up to 57% less in Marchamo

Paying the bills


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27 September 2023 - At The Banks - Source: BCCR

Paying the bills


QCOSTARICA — The government presented a counterproposal to legislators, a reduction of 57% on all vehicles with a fiscal value (used to determine the property tax) of less than ¢22 million colones.

Nogui Acosta, the Minister of Finance, made the proposal on Tuesday, saying the reduction would benefit 98% of the vehicle fleet.

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The other 2%, in particular vehicles with a high fiscal value, would see an increase, though Minister Acosta did not detail what the increase would be.

The proposal, if accepted by the Legislative Assembly, would certainly eliminate the threat by President Rodrigo Chaves to veto an approved bill based on its original form.

The original proposal by the Partido Liberal Progressivo (PLP) would apply discounts of up to 67% for all types of vehicles.

The administration of Rodrigo Chaves estimates that close to ¢170 billion colones would be collected in the 2024 Marchamo under the new proposal, instead of the ¢209 billion projected with the government’s initial plan rejected by legislators.

The Marchamo or annual circulation permit goes on sale on November 1 and must be paid not later than December 31 to take effect the following year.

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Paying the bills
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