Wednesday 20 January 2021

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

Potential success of the proposal is at risk of not being achieved, specialists consider

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

As of December 1, taxpayers are required to add the Implementación Catálogo de bienes y servicios (CABYS) to their economic activity and electronic invoice.

- Advertisement -

What is Cabys? The Catalog of Goods and Services for National Accounts (Cabys) is a list drawn up jointly by the Central Bank of Costa Rica and the Ministry of Finance, which groups goods and services into hierarchical categories, the foregoing based on international classifications. Its objective is to assign a unique code for the goods and services that are marketed in Costa Rica. The catalog consists of 10 general categories and extends to more than 18,000 products, identified by a code of up to 13 digits.

Not complying, the taxpayer is exposed to a penalty of up to ¢893,000 colones.

With the Cabys, Taxation will be able to track who made the sale, when it was made, for what service or goods, at what tax rate or if it is exempt, among other aspects that would collaborate in the fight against tax evasion.

The Cabys will allow tax authorities to identify errors, such as making tax exemptions when not applicable.

- Advertisement -

However, only 550,000 taxpayers will be subject to this change. Taxpayers who are not part of the simplified regime are exempt, which goes against the main point of the initiative.

For more on the Cabys and taxation rules, consult with an accountant or tax lawyer.

- Advertisement -

We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Q Costa Rica
Reports by QCR staff

Related Articles

New criteria for calculating VAT in outsourcing services could raise costs

Businesses that outsource services must collect the VAT (Value Added Tax)...

It’s January and that means it’s “tax time”!

QCOSTARICA - The first month of 2021 has a calendar abundant...


Legislator questions Carlos Alvarado’s mental health for forgetting his cell phone and computer code

QCOSTARICA - Carlos Alvarado's forgetting of his personal codes for his computer and cell phone was the subject of strong criticism from legislator Carmen...

CCM Cinemas launched virtual movie theater

QCOSTARICA - The Costa Rican cinemas chain CCM launched a platform to offer its virtual billboard. The tool, available only in Costa Rica, will offer...

Costa Rica scientists work on saliva tests to detect covid-19

QCOSTARICA - More than 20 researchers from Costa Rica's public universities have been working on a saliva test with which to more quickly diagnose...

ICT seeks to make COVID-19 tests cheaper for tourists returning to the United States

QCOSTARICA -  Costa Rica's Tourism Board, the Instituto Costarricense de Turismo (ICT) said Wednesday that is coordinating with private laboratories the lowest possible cost...

Printed voucher for purchases under ¢30,000 was eliminated from January 1

QCOSTARICA - Did you notice that lately your local pulperia, supermarket, big box store and every other place you use your plastic that you...

Pfizer will reduce the deliveries of its covid-19 vaccines to adjust production process

QCOSTARICA - The American drugmaker, Pfizer, said in a statement on Friday that reduced deliveries were a temporary issue, affected by changes to its...

“It is foreseeable that 2021 will be like an extension of 2020”: UNA epidemiologist

QCOSTARICA - Despite the arrival of the vaccine against Covid-19 in Costa Rica, 2021 will be like “an extension of 2020”, according to Juan...

Government’s plan will increase the price of gasoline

Experts: Project to radically change the Recope, Costa Rica's oil refinery that refines nothing, will increase the price of gasoline. Among the changes proposed is...

All in a day’s work: potholes don’t stop street markings

QCOSTARICA - It might seem unbelievable to most, but let us assure you, this is all in a day's work for the crews in...

Want to stay up to date with the latest?

We would love to hear from you! Please fill in your details and get updates daily in your mailbox. It's that simple!

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.