Thursday, 1 October 2020

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 income tax revenues and approved laws to tackle tax evasion. Corporate tax reforms are also before Congress.

However, the country’s lawmakers have yet to green light the implementation a value-added tax in place of the current general sales tax, with the adoption of the levy beset by delays.

Source: www.tax-news.com

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