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Construction and tourism exempted from VAT for a year

(QCOSTARICA)  Legislators on Monday approved, in the first debate, two bills that exempt tourism and construction services from the payment of the value added tax (VAT) for another year, but without seeking an alternative source of fresh income for the Government. The bill, which requires...

What is the economic blow this new virus will be to the country and people of Costa Rica?

The economic impact of the coronavirus covid-19 is just beginning, as businesses, big and small begin to evaluate the economies in the face of actions of the government to prevent the spread of the contagion and the population facing uncertainty. Perhaps the hardest hit will...

Niot The Fake News?/?!!

Francisco Prendas defends his not having all the facts but asserts it is not "fake news"

Fake News, The IVA Is NOT Going To 16%!

In less than 24 hours, at least six Facebook pages viralized the fake news about the Value Added Tax or IVA for the Spanish acronym. Before that, the website Diaro La Carta, funded by Francisco Prendas, president of the Partido Nueva República, reported the government's...

Hacienda publishes a list of VAT exempted

The Ministry of Finance published on Thursday, July 10, the list of entities that are exempt from the Value Added Tax (VAT) - Impuesto al Valor Agregado (IVA) in Spanish - as well as details of the procedure in the Exonet system to request...

Beware Of Shops Double Taxing: IVA + IVI

Be alert of retail stores of charing the Impuesto al Valor Agregado (IVA) - the Value Added Tax (VAT) that went into effect on July 1, PLUS, the old retail sales tax (IVI). Both add 13% to the price of an item, the difference is...

Tax Police Perform First Operation In Shops To Verify VAT

Retail stores in the Mall San Pedro were one of the first to get a visit from the Policía de Control Fiscal (PCF) or Tax Police, to check on shops to verify they are applying the Value Added Tax (VAT). The visit Thursday morning is...

IVA Gamez 2019!

A constructive criticism which many have been waiting for. The video and is produced by local talent Gamez Jahriel, originally from Límon and now lives and works in San Jose. Follow Gamez on Facebook and YouTube.

Moratorium On VAT Sanctions Approved

In typical Costa Rican fashion, on the second day of the implementation of the Value Added Tax (VAT), the legislators approved the bill that decrees a period of three months in which the Ministerio de Hacienda (Ministry of Finance) cannot apply any penalty generated...

The VAT and UBER

Rico's TICO BULL - "We remain committed to the country," reads the headline of the email Uber sent its customers on Monday, July 1, with the start of the Value Added Tax (VAT) or Impuesto de Valor Agregado (IVA) in Spanish. "At Uber, we consider...

ATV and TICA Systems will be out of service this weekend

The Ministry of Finance (Ministerio de Hacienda) said ti will suspend this weekend the ATV (Virtual Tax Administration) and the TICA (Information Technology for Customs Control) to make available to taxpayers new forms to be used, starting July 1, with the entry into force...

Squeezing Out Every Single Last Colon

In the caricature we see the Ministra de Hacienda (Minister of Finance), Rocio Aguilar, squeezing all she can from "tico mae". It will sure feel that way in a few days, when the current sales tax is replied by the value-added-tax or VAT (impuesto al...

“Costa Rica would lose tourism competitiveness due to new requirements”, business sector

A charge of US$15 to tourists who want to enter Costa Rica, as proposed by a bill, would reduce competitiveness to the country as a destination, according to tourism entrepreneurs. "This is not the most opportune moment to try to impose a new burden on...

Costa Rica is on the verge of adopting one of its biggest changes in taxes

Starting July 1, 2019, the economic life of Costa Rican households and businesses will face changes. On this day, Costa Rica launches the Value Added Tax (VAT) - Impuesto al Valor Agregado (IVA) in Spanish. On this day important tax reforms will go into effect,...

Hard blow to tourism in Costa Rica

Two aspects included in the Plan Fiscal (tax reform) would hit tourism, making services more expensive and, thus, the cost of vacationing in Costa Rica. A contraction of the national tourism and a reduction of competitiveness as a destination country before other markets in the...

Getting married (and even divorcing) will be more expensive on July 1

If you are planning on getting married (or divorcing), celebrating a birthday party, anniversary or any other type of celebration, be ready to pay more starting on July 1 when the Value Added Tax (VAT) - Impuesto al Valor Agregado (IVA) in Spanish) -...

Starting July 1 all services will be taxed with 13% VAT

Starting July 1 all services will be taxed with 13% Value Added Tax (VAT) - Impuesto al Valor Agregado (IVA) in Spanish. For this, the Ministerio de Hacienda (Ministry of Finance) has prepared a "campaña informativa" (information campaign) ahead of the change in the tax...

High Consumers Of Electricity and Water Would Pay The VAT

On July 1, the current sales tax (impuesto de ventas in Spanish) will be transformed into the new Value Added Tax - VAT (impuesto al valor agregado - IVA, in Spanish) that will begin taxing services including utilities such as water and electricity. The VAT...

Businesses to be fined if they do not accept plastic

Although not as common as it used to be, a business not accepting plastic still occurs. But starting in July, with the entry of the Impuesto al Valor Agregado (IVA) -  Value Added Tax - businesses that do not accept credit or debit cards...

Construction will become more expensive with tax reform

With the entry into force of the Value Added Tax (VAT) - Impuesto al Valor Agregado (IVA) in Spanish -, all services necessary to complete a construction process will increase by having to charge a tax of 13% on the invoices issued. This is a...

Legislators Approve Plan Fiscal, President Signs Into Law

Legislators on Monday afternoon approved in second and final debate the Plan Fiscal - Ley de Fortalecimiento de las Finanzas Públicas - with the aim of alleviating the country's fiscal deficit. The Tax Reform bill was approved with the votes of 34 votes in favor...

#DontBeFooled: Tax reform does not include charging VAT for purchases made abroad

#DontBeFooled. False are the reports that the  Value Added Tax (VAT) - Impuesto Sobre el Valor Agregado (IVA) in Spanish - applies to purchase made outside of Costa Rica. False is also the reports that purchases made outside of the country with cards issued...

Costa Rica’s Taxman Faces A Challenge With Foreigners With Foreign Payment Options

Rico's TICO BULL - The current government, as its three predecessors, is intent on introducing sweeping tax reforms that include the introduction of a Value Added Tax (VAT) or Impuesto al Valor Agregado (IVA) in Spanish, that proposes to tax many items not taxed under...

One Step Closer to a Tax Reform

The Costa Rican Legislature has accepted a fast track bill that would transform the 13% sales tax into a Value Added Tax (VAT) and in addition a 4% rate on the purchase of packaging, wrapping and raw materials, among other things. The Impuesto al Valor...

Government Proposes To Charge 4% VAT Tax On Airline Tickets, Books and Machinery

Expected today, Thursday, is the government's final draft of its tax reform that establishes two Value Added Tax (VAT) rates -  Impuesto Sobre el Valor Agregado (IVA) in Spanish - one 13% and the other 4%, with the aim of alleviating the deterioration of the...

Government Decides To Propose A 13% VAT

Being more feasible to obtain the 29 votes needed in Congress, the Government decided to propose transforming the current 13% sales tax to a Impuesto Sobre el Valor Agregado (IVA)- Value Added Tax (VAT) - instead of the 15% it had been promoting. The Vice...

Government Proposes To Charge A 15% Tax For Using Services Like Netflix

Intent on solving the country's current financial problems, the government today (Thursday) presented to legislators a new tax plan with the expectation of reducing the gap between expenditure and income from 5% to 2% of Gross Domestic Product (GDP). Among the most relevant points of...

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