Saturday 2 December 2023

Electric vehicles have tax exemptions and benefits different from combustion vehicles

While all electric vehicles benefit with a tax exemption of the property tax of the Marchamo, not all electric vehicles will have the same exemption

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QCOSTARICA — The collection of the 2024 Marchamo or right of circulation began last Saturday, however, owners of electric vehicles will enjoy tax exemptions and benefits different from those of combustion vehicles.

While all electric vehicles benefit with a tax exemption of the property tax of the Marchamo, not all electric vehicles will have the same exemption. Image: Canva

The incursion of electric vehicles in the country has marked a new stage in the automotive industry, with more than 10,000 100% electric units circulating in Costa Rica to date, according to data from the National Registry.

For 2024, electric vehicles are exempt from paying the property tax, which represents some 67% of the total cost of the Marchamo.

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The exemption is made to the property tax on the electric car, which represents around 67% of the total investment in the right of circulation.

The exemption is staggered, depending on the year the vehicle entered the country.

For example, vehicles entering in 2022 or 2023 have an exemption of 60% because these vehicles are now in their second and third year of exoneration: In 2022, the exoneration was 100%, in 2023, 80% and for the 2024 Marchamo, 60%. In the fourth and fifth year, the exoneration is 40% and 20%.

However, it is important to highlight that certain items of the Marchamo, such as Seguro Obligatorio de Automóviles (SOA) – mandatory insurance, Conavi, IFAM, and various stamps, have to be paid and represent close to a third of the total cost.

In Costa Rica, the market currently offers more than 70 models of electric vehicles, starting at US$19,000 for a 100% electric, which means consumers have better price options.

Promoters of electric vehicles say purchasing an electric vehicle at any time of the year is a good option, not only because of the contribution it makes to the environment but also because of other benefits it offers to those who purchase them, such as fuel savings and maintenance, the vehicle restriction of San Jose does not apply and they even have an exemption from paying parking meters in some municipalities.

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Another of the benefits is in the payment of the Marchamo, thanks to the fact that an exemption from the property tax on these models is still in force.

Mariano Avalos, Founder of EV Imports, explains that the growth of electric vehicles in the Costa Rican market is due to the tax exemption, a cost that is sensitive to consumers’ pockets and that is a plus for them to pass up.


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