Wednesday 4 August 2021

Costa Rica: Tax and Construction Sector

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QCOSTARICA – The union of builders has warned that the proposed sales and income tax increases will make costs of services and supplies more expensive, raising the cost of building a home by 12%.

From a statement issued by the Costa Rican Chamber of Construction (CCC):

Families that want to build a house will have to pay about 12% more for it, with the proposed changes.

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The Costa Rican Chamber of Construction (CCC) expresses its concern at the projects presented by the Ministry of Finance to the Legislative Assembly on the Law of Value Added Tax and Income Tax, believing that it will seriously affect the construction sector, which will go from paying 13% to 15% sales tax on materials, and for construction services that are currently exempt they would pay 15%. Additionally, there would be an increase on the tax on the transfer of property to 3%, making it twice the amount charged today.

The president of the CCC, Ing. Guillermo Carazo explained that “these projects generate a negative impact for Costa Rican families. For example, a family that wants to build a house will have to pay about 12% more for it, with the proposed changes. That is to say, if you build your house today it will cost 20 million colones, once the tax is fully implemented you will pay 2,400 additional colones “.

Source: Centralamericandata.com

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Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

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