Sunday 24 September 2023

Reduction in Marchamo has green light

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23 September 2023 - At The Banks - Source: BCCR

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QCOSTARICA — The government of Rodrigo Chaves finally gave in with respect to the reduction of the 2024 Marchamo, ruling out stopping the initiative or a veto by the president, indicated Elli Feinzaig, of the Partido Liberal Progresista (PLP).

On Wednesday, the Ministry of Finance only introduced formal motions and did not request changes in the reduction sections of the vehicle property tax portion of the Marchamo.

“Specifically, the Ministry of Finance asked us to introduce some rules that will facilitate the implementation of the calculation methodology that will allow immediate reductions for this year of up to 50% in the Marchamo and, from there, the progressive scale,” pointed out the head of that PLP legislative faction, a group of 6 of the 57 legislators.

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For Feinzaig, it has become clear that the majorities prevail and have accepted that the definitive destiny of the Marchamo was its substantial decline.

“This initiative will be a reality. Now it is just a matter of waiting for the votes in the first and second debate, which we hope to have in no more than 15 days,” said Feinzaig. After that, the approved bill heads for Casa Presidencial for the President’s signature and to the national printer, for publication in La Gaceta, for the reduction to take effect on November 1 when the Marchamo collection begins.

The contemplates a reduction of 50% of the property tax portion of the Marchamo for lower value vehicles, 20% to 40%  for mid-range vehicles, and between 5% and 6% for high-end vehicles. The original text had discounts between 20% and 66%.

Reductions do not apply to legislators, president, vice presidents and ministers, as well as their spouses.

Five opposition parties, the PLP, Partido Liberacion Nacional (PLN), Partido Unidad Social Cristiana (PUSC), the Nueva Republica and the Frente Amplio.

The idea is that the cheaper the car, the lower the percentage of the yearly property tax to be paid.

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