Sunday 26 September 2021

Protecting The Purse Strings: Hacienda Restricts Import of New Cars To Avoid Falling Tax Value

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Expomovial 2016. Photo Adrián Soto, La Nacion
Expomovial 2016. Photo Adrián Soto, La Nacion

(QCOSTARICA) Avoiding a fall in fiscal (tax) values, the Ministry of Finance (Ministerio de Hacienda) has issued a decree allowing the import of following year new vehicles starting only in September.

For example, new car dealers may import 2018 model year vehicles starting in September 2017. Between January and August they can only import 2017 model year vehicles.

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The decree was published in the official government newsletter, La Gaceta, on October 21, 2016.

Fernando Rodriguez, Deputy Minister Finance, explained that “the problem is when these new cars enter the country their fiscal (tax) value causes the values of older models to fall and this has a significant impact on tax revenue.”

The deputy minister explained that the entry of new cars is one factor that directly influences the falling fiscal (tax) values which is used to calculate the annual property tax included in the Marchamo (circulation permit).

The ministry of Finance is expected to announce the fiscal (tax) values next week in preparation for the 2017 Marchamo that is due payable by December 31.

Source La Nacion

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