Thursday 19 May 2022

Ministry of Finance publishes update of list of tax value of vehicles

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19 May 2022 - At The Banks - BCCR

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QCOSTARICA – The Ministerio de Hacienda (Ministry of Finance) published the updated list of the tax value of vehicles used in the calculation of the collection of the 2021 Marchamo.

Vehicles with a tax value of more than ¢15 million colones will have to pay the full property tax.

The list was published in 5 documents in the official newsletter La Gaceta.

The changes approved at the last minute in the Marchamo had the Instituto Nacional de Seguros (INS) – National Insurance Institute – on the run, saying that it will do everything possible to start the collection circulation permit as of Monday, November 2.

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According to the INS, they will be working the weekend (Saturday and Sunday) so that staff can adjust the amounts of the property tax on vehicles in accordance with what was approved by the Legislative Assembly, which established a reduction of at least 50% for vehicles of lower value.

Typically collection of the Marchamo starts on November 1. It must be paid by December 31, after which it accumulates penalties such as late feeds and interest. Also, drivers behind the wheel of a vehicle without the Marchamo starting on January 1, faces a traffic fine possible siezure of license plate and/or the vehicle.

 

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