Tag: ministry of finance

(QCOSTARICA) The International Monetary Fund (IMF) disbursed us$521.7 million Costa Rica, this September 15, of the fast loan approved by the Legislative Assembly on August 27. The Government will use 90% of these resources to exchange external debt for internal debt, and the remaining 10%...

(QCOSTARICA) All financial entities, ie banks, cooperatives, etc must deliver to the Treasury information of the bank accounts of all their foreign clients. Banks are obligated to report, at the end of each year, the name, address, tax residence, IBAN account number and the balance...

The Ministry of Finance (Ministerio de Hacienda) has a deep commitment to the well-being of families, companies and institutions in the country. Although the pandemic is impacting public revenue and spending, it said it has developed income and expenditure policies that ensure that the...

The World Bank Board of Executive Directors approved a US$156.64 million investment project for Costa Rica to improve the efficiency, effectiveness, and client orientation of the tax and customs administrations and public spending management. The support, called Hacienda Digital (Fiscal Modernization), aims to modernize and...

  In the CRhoy.com caricature, we see President Carlos Alvarado (left) painting the typical Costa Rican country house, at the precipice of the Fiscal Deficit, while his predecessor Luis Guillermo Solis and his "official mascot" looks on from the firm ground. “The Alvarado administration said it...

Costa Rican economist Rodrigo Chaves will replace Rocío Aguilar as the Ministro de Hacienda (Minister of Finance). He currently serves as Country Director of the World Bank Indonesia since August 2013. The appointment of Chaves was confirmed by President Carlos Alvarado on Wednesday afternoon in...

As of September 1, approximately 370,000 sociedades anónimas or S.A.'s (corporations) will be required to comply with the Registro de Transparencia y Beneficiarios Finales (Registry of Transparency and Final Beneficiaries), starting with entities with cedulas (identity card) ending in 0 and 1 first. Corporate cedulas...

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...

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...

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...

Each home is different. However, the entry of the Value Added Tax (VAT) will represent an additional cost, which can mean an increase in running the family home. A strong change will be that of residential rents greater than c670,000 colones monthly, since the 13%...

The permit that the exporters have to buy without the Value Added Tax (VAT) that goes into force on Monday, July 1, will be extended, in some cases up to six months, while they adapt to the new requirements, according to Priscilla Piedra, general...

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...

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...

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...

Services such as Uber, Airbnb, and Netflix, among others,  will continue without the 13% Value Added Tax (VAT), according to a report by La Republica, at least while the Ministerio de Hacienda (Ministry of Finance) defines the list of companies to which the tax...

The dollar exchange this month of May is presenting an atypical behavior with respect to its historical behavior. Generally, between April and October, the price of the dollar rises because the market has less foreign currency, according to the study approximation of seasonal patterns in...

Costa Rica's banking sector won a lawsuit against the Ministerio de Hacienda (Ministry of Finance), arising from disagreements over the method used to calculate tax payments. The legal dispute dates back several years, since in 2003 the General Directorate of Taxation (DGT) validated the methodology...

Soon, possibly as early as next week, a total of 29 products will no longer be included in the "canasta basica" (basic basket) and will be subject to the 13% sales tax. Their removal, says the Ministerio de Hacienda (Finance Ministry) is because they...

Owners of luxury homes - for 2019, homes valued at more than ¢131 million colones (US$210,000 dollars) - must pay the Impuesto Solidario para el Fortalecimiento de Programas de Vivienda (Solidarity Tax for the Strengthening of Housing Programs), known as "tax on luxury homes",...

All is cool again at the country's gasoline stations. The threat of not accepting credit and debit cards starting today as announced Monday night was called off thanks to the "prompt" reaction by the Ministerio de Hacienda (Ministry of Finance). This morning, Tuesday, José Miguel...

The payment of teacher salaries, the operation of the school lunch program, scholarships, improvements in educational infrastructure and the transfers to the public universities in their majority were financed through indebtedness during 2018. A recent report from the Contraloría General de la República (CGR) -...

With ¢100 million colones received from the Banco de Costa Rica (BCR) for the 'absorption" of the now extinct Banco Crédito Agrícola de Cartago (Bancrédito) and other financial maneuvering, the Ministerio de Hacienda (Ministry of Finance) announced that it will pay on Wednesday, December...

The Government resorted to "pawning grandma's jewels" to be able to face the debts for the next quarter. Those are the simple words to understand the government's decision Tuesday afternoon of the issuance of ¢498 billion colones in treasury bills, which can be acquired...

One public institution that is guaranteed to be operating normally on Monday is the Ministerio de Hacienda (Ministry of Finance) and all its dependencies, such as customs and tax offices across the country. The ministra de Hacienda, Rocío Aguilar, confirmed this on Sunday, that even...

The Ministerio de Hacienda (Ministry of Finance) seized the machinery of the company Representaciones Artísticas Mayfa S. A., a company dedicated to the manufacture of wooden pallets. The seizure (embargó in Spanish) was to recover a little more than ¢1.053 million colones in tax arrears...

The International Monetary Fund (IMF), during a visit to Costa Rica from June 12 to 15, 2018, warned that although the measures announced by the authorities to confront the fiscal situation are a step in the right direction, a more comprehensive reform strategy would...

Without a new public employment law, the cost containment measures presented by the Ministra de Hacienda (Minister of Finance) Rocio Aguilar, will not be enough to resolve public finances. Likewise, the business sector insists that the next step is to take measures that change public...

Arguing that the financial conditions and the term of the operation were not adequate, the Ministry of Finance has decided not to issue $1,5 billion in debt bonds in the local market. The announcement was made by the Ministry of Finance through a Relevant Fact...

The failure of the Central Government's latest effort sell bonds on the local financial market leads analysts to believe stock market activity in the country is shrinking. On Wednesday, December 13, the Ministerio de Hacienda failed to raise the needed ¢80 billion colones to pay...

Presidential candidate Antonio Alvarez Desanti unintentionally charged a Lady Gaga fan club for misuse of public resources in Costa Rica. The Partido Liberacion Nacional (PLN) candidate had intended his message for President Luis Guillermo Solis. The not so happy Desanti made his complaint over whether...