Monday, 30 November 2020

Exporters in trouble for VAT will get an extension

Permissions to expire will be extended for six months. Treasury would delay short-term change to approve exemptions.

The permit that the exporters have to buy without the Value Added Tax (VAT) that goes into force on Monday, July 1, will be extended, in some cases up to six months, while they adapt to the new requirements, according to Priscilla Piedra, general director of the Treasury (Hacienda).

The new tax brings a significant change for the exporters, who would go from using special orders, or “open letters”, to make their purchases, to having to register in the Exonet system, of the Dirección General de Hacienda.

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As of July 1, exporters would have to pay VAT for their purchases while making the transition between the two systems, which requires registering with the Treasury as exporters, obtaining an Exonet code and verifying its list of supplies.

By having less than a month to make the change, exporters would have to pay VAT on supplies and finance that expense while they manage the approval of the Treasury, according to Germán Morales, managing partner of Grant Thornton Costa Rica.

La Republica

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