Sunday 22 May 2022

Costa Rica scraps plan to tax lottery winnings

Lottery tax will not be a reality

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21 May 2022 - At The Banks - BCCR

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QCOSTARICA – Legislators decided to file away a bill that sought a 25% tax on lottery prizes greater than ¢225,000 colones, a proposal from the current government.

This Tuesday the Committee on Legal Affairs decided unanimously not to proceed further with the proposal, which is part of the commitments made by the Government with the International Monetary Fund (IMF), for the loan of US$1.77 billion.

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“We managed to stop the government project that sought to tax lottery prizes,” said legislator Franggi Nicolás, who has been reiterative that she will not approve any tax that affects the pockets of Costa Ricans.

It is estimated that the tax on lottery prizes would have generated for the Government an income of about ¢41.8 billion colones annually, equivalent to 0.12% of the gross domestic product (GDP).

No word yet from Casa Presidencial.

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