QCOSTARICA – Legislators on Monday approved a substantive motion that establishes a new scale, more moderate, to reduce the vehicle property tax that will be charged within the 2022 Marchamo (vehicle circulation permit).
In the following table, you can see the approximate tax for 2022:
- The most benefited will be the owners of vehicles with tax values (valor fiscal) below ¢240,000, who will pay a fixed rate of ¢13,800 (a decrease of 33%)
- For vehicles whose tax value is between ¢940,000 and ¢1,860,000, the discount will be 20%
- From ¢1,860,000 to ¢2,810,000, 10%;
- From ¢2,810,000 to ¢3,510,000, 5%;
- From ¢3,510,000 to ¢4,210,000, 3%
- And from ¢4,210,000 to ¢15 million, 6%.
- For vehicles whose tax value exceeds ¢15 million, no reduction will be applied
- In the case of motorcycles whose tax value is up to ¢1 million, they will not have to pay Value Added Tax (VAT).
On Monday afternoon, the opposition reversed its initial intention to reduce the tax for all vehicles valued at less than ¢7 million by 50%, as was done last year. That plan also contemplated a reduction of 25% for vehicles valued between ¢7 million and ¢10 million, and 10% for those that range between ¢10 million and ¢15 million.
The property tax on vehicles represents about 63% of the total cost of the Marchamo, followed by the Mandatory Vehicle Insurance (SOA), among others.
Now, the bill must be submitted to the first and second debates, then, would be sent to the office of President Carlos Alvarado, who would decide whether or not to sign it.
The change made is aimed at not hitting the State’s finances so much.
Finance Minister Elian Villegas severely criticized the proposal, stating that, even with the most moderate proposal, it will mean ¢30 billion colones less for the treasury at a time when the country needs to balance its public finances.