Wednesday 23 June 2021

Costa Rica’s Electronic Invoicing Could be Done in Dollars

Image for illustrative purposes only.

Q COSTA RICA – An amendment to the regulations of the income and sales tax laws, which will allow companies to issue electronic invoices (factura electrónica) in dollars, is in process.

The deputy minister of finance, Fernando Rodriguez, told Nacion.com that the purpose of the amendment is to adjust the regulations to the reality of the country, since “… if the laws allow transactions to be made in dollars, then we will allow invoices in dollars“.

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The electronic invoice consists of a digital voucher that is generated when selling goods or services and since last March began to be obligatory in a gradual way for all taxpayers.

Rodríguez explained that when the Ley del Impuesto (Tax Law) came out in 1983, the Ley de la Moneda (Currency Law) was in force and it only allowed transactions in national currency, the colon. The latter ceased to be valid in 1992.

In 1995, the Ley Orgánica del Banco Central (Organic Law of the Central Bank) came into force, which allows transactions in other currencies.

The deputy minister explained that the amendment is in process, as of last Thursday it was in Casa Precidencial (Government House) pending the signature of President Luis Guillermo Solis. Once this step is completed, it will be published in La Gaceta, a requirement for it to become effective in law.

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Rodriguez added that the amendment also opens the possibility the invoice not necessarily be in Spanish. Currently, electronic invoices can only be in Spanish, with the amendment it could br in another language, accompanied with its respective translation.

Source: Nacion.com

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