Monday, 26 October 2020
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IMF disbursed US$521.7 million to Costa Rica

(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%...

Banks must provide Treasury with data on foreign individuals and companies

(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...

Ministry of Finance ensures that the government can fulfill all its obligations

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...

World Bank approves project to modernize Costa Rica’s Finance Ministry

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...

President complains because he inherited a “mortgaged” country

  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...

World Bank Economist Will Be The New Minister of Finance

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...

Costa Rica Shareholder Registration Begins in September

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...

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...

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...

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...

The VAT is not the end of the world

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%...

Exporters in trouble for VAT will get an extension

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...

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...

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...

The ‘Netflix Tax’ Will NOT Start On July 1; Amazon To Be Excluded From The VAT

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...

Dollar Exchange Shows Atypical Behavior in May

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 Banks Win Tax Lawsuit Against Hacienda

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...

29 Products Removed From The Basic Basket And Must Pay The 13% Sales Tax

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...

“Tax on Luxury Homes” And “Corporations Tax” Is Approaching

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",...

Gas Stations Back Off On Threat After Quick Action By Ministry of Finance

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...

Costa Rica finances 73% of its public education with indebtedness

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) -...

Christmas Arrives. Hacienda Announces Payment of Aguinaldo On Wednesday

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...

OIJ Investigating Molotov Cocktail Bombing Of Ministry of Finance Building

The Organismo de Investigación Judicial (OIJ) are investigating the explosion of two Molotov cocktails against the Ministry of Finance building in downtown San Jose on Thursday and confirmed a note appeared on the site, alluding tot he approval of the plan fiscal or tax...

Government resorts to “pawning grandma’s jewelry” to pay debts

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...

Tax Department Will Not Yield To Strike, Business As Usual Minister Assures

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...

Ministry of Finance Toughens Stand Against Income Tax Fraud

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...

IMF Mission: Fiscal Measures in Costa Rica Are Insufficient, But Necessary

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...

New Public Employment Law Needed To Reduce Fiscal Deficit

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...

Costa Rica: A Step Backwards for Debt Issuance

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...

Costa Rica Stock Market Activity Shrinking

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...

Álvarez Desanti Unintentionally Picks A Fight With Lady Gaga

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...

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