Tuesday, 1 December 2020

Finance Ministry Wants To Encourage Use of Plastic Money With A Lottery


QCOSTARICA – In order to better collect taxes and tax control on businesses, the Ministry of Finance (Ministry of Finance) has teamed up with the Chamber of Banks and Financial Institutions (Cámara de Bancos e Instituciones Financieras) to promote the use of plastic money in the country.

Consumers making purchases with their debit and credit cards will automatically take part in a lottery with a total payout of ¢100 million colones, in three draws: the first for ¢50 million, the second ¢30 million and third ¢10 million colones.

- Advertisement -

Through card payments, tax authorities have more control over the tax collected from retailers, reducing the differences of actual and reported sales, including eliminating discounts offered to customers for paying in cash.

For the banks, the aim is to motivate more people to join the banking system.

According to William Quesada, president of the Chamber, for every ¢3.000 colones of goods and services purchased with plastic, the consumer will receive one point (two when plastic is used to pay for professional services, ie. legal, accounting, etc) for the lottery.

Fernando Rodriguez, vice-minister of Finance, said they know that not all of the population is connected to the banking system (“bancarizada” in Spanish), the lottery is a way to encourage the use of banks.

- Advertisement -

Earlier this year, the Ministerio de Hacienda began a 2% withholding from the income of retailers on all purchases made with plastic, which amount is applied towards the tax responsibility of the business.

- Advertisement -
"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

Grupo Lala to close operations in Costa Rica to focus on markets in Nicaragua and Guatemala

QCOSTARICA - The Mexican company, Grupo Lala, announced this Tuesday, December...

Happy “No Army” Day!

QCOSTARICA - Today, December 1, is a legal holiday in Costa...


New step against evasion? The Treasury will have a closer look at taxpayers

QCOSTARICA -  Taxpayer movements with the Treasury will have more controls as of December 1, with the addition of the 13-digit code known as...

Son planned the murder of his mother to collect ¢1 million life insurance

QCOSTARICA - A 20-year-old man was arrested this Wednesday on suspicion of planning the murder of his mother to collect a life insurance policy...

AyA Out of Control: Ombudswoman denounces utility

QCOSTARICA - Costa Rica's Ombudswoman, Catalina Crespo, denounced that the Instituto Costarricense de Acueductos y Alcantarillados (AyA) - the national water uitlity - is...

Restricted drugs: the mail-order transfer that woke up with the pandemic

QCOSTARICA - In the midst of the COVID-19 pandemic, the country saw an increase in the transfer of restricted products, mainly medicines without health...

minimize the risks of contagion of covid-19 this end of the year

QCOSTARICA - You cannot cover the sun with one finger and look the other way: there will be get-togethers and parties this end of...

Vehicle restriction stops car theft

QCOSTARICA - The sanitary vehicular restrictions has put a damper on the operations of vehicle theft gangs (robaccaros in Spanish), resulting in a considerable...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.

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.