Tuesday 18 January 2022

Covid-19 emergency: Payment of four taxes postponed

Paying the bills

Latest

Blame the victims: Costa Rica recommends female tourists dress appropriate to avoid sexual assault

QCOSTARICA - On Monday, Costa Rica President Carlos Alvarado...

The Secrets of Costa Rican Students: How to Improve Your GPA Without Changing Your Lifestyle

Many students strive to have high GPAs to showcase...

Bill to allow outdoor commerce approved in second debate

QCOSTARICA - Outdoor cafés, bars, restaurants and sodas, among...

In 2021, Costa Rica recovered 52% of prepandemic tourism by air

QCOSTARICA - Costa Rica closed 2021 with the arrival...

Turrialba volcano erupts

QCOSTARICA - The Turrialba volcano erupted Monday evening, at...

I still love Costa Rica… even after they chased me out

A little over a year ago, my wife and...

TSE finishes printing the ballots for the elections in Costa Rica

QCOSTARICA - The Tribunal Supremo de Elecciones de Costa...
Paying the bills

Share

With the unanimous vote of 47 legislators present, the Legislative Assembly approved in the first debate, on Tuesday night, the Ley de Alivio Fiscal ante el Covid-19 (Tax Relief Law before Covid-19), after an intense day of negotiations between the legislative factions and the Minister of Finance, Rodrigo Chaves.

Finance Minister, Rodrigo Chaves (center) was hands on during the day Tuesday, in negotiations with legislators, that led to the approval of the bill to alleviate the effects of the covid-19 on businesses. Photo: Courtesy Nueva República.

With the approval of the plan proposed by the Government, it benefits companies, merchants and independent workers, since the Ministry of Finance will postpone the payment of four types of taxes for the months of April, May and June.

The bill, once it gets approval in second and final reading and the signature of President Carlos Alvarado, will implement a moratorium of taxes such as the Value Added Taxe (VAT), on profits, selective consumption and tariffs for the import of merchandise into the country.

- Advertisement -

Instead of paying it in April, May and June, tax collectors or taxpayers may pay up no later than December 31.

Legislators also guaranteed to exempt from the payment of the VAT, for three months, on rents paid by businesses. Currently, that is a 13% tax is paid by those who rent premises with a cost greater than ¢668,000 colones per month.

The exemption applies as long as the lessee and the lessor are registered Single Tax Registry (Registro Único Tributario).

Important to note that the above is the simplified version of the bill, the actual process of what and how the tax moratorium and postponment, penalties, fees, etc are complicated and taxpayers are best to consult their accountants or tax lawyer as to how they changes apply to them and their effect on their business.

 

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Could omicron be the end of the pandemic? Costa Rica’s Health Minister thinks so

QCOSTARICA - Costa Rica's Minister of Health, Daniel Salas, stated in...

Omicron variant pushes contagion rate in Costa Rica to all time high of 2.64

QCOSTARICA -The contagion rate of covid-19 in Costa Rica, which describes...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.