Saturday 12 June 2021

New VAT Payment Scheme for Agribusiness

From October 1, Costa Rican producers and suppliers in agricultural and fisheries work will be taxed through the new Régimen Especial Agropecuario (REA) – Special Agricultural Regime.

With the announcement last week, the agricultural and fishing sector have a special regime for declaring and paying VAT, which provides that coffee producers, sugarcane and beekeepers will make an annual declaration.

This does not change fiscal obligations, but allows to be adapted to the particularities of production processes, so as to facilitate compliance.

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In its statement, the Ministerio de Hacienda (Ministry of Finance) said that “The formalization of the agricultural and fishing sector is a goal that the Government seeks as a support mechanism for this activity. Therefore, it was necessary to understand well its particularities and adjust the regulations in order to allow them to comply with the new legislation.”

Read full statement (In Spanish).

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