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Government reaches three-year deal with the IMF

QCOSTARICA - The Government of Carlos Alvarado reached a fiscal adjustment agreement with the International Monetary Fund (IMF) on Friday, which will allow the country to access a loan of US$1.75 billion dollars that would be delivered in six semi-annual payments, over three years,...

Government contradicts itself … Once again!

Government contradictions are astonishing. Legislators question the lack of structural reforms in the proposal to go to the International Monetary Fund - IMF - (FMI in Spanish) as the government bets on more foreign debt and taxes.

Finance Minister rules out VAT increase and tax on bank transactions

QCOSTARICA - The Minister of Finance, Elian Villegas, totally ruled out that the Government is going to propose an increase of one percentage point in Value Added Tax (VAT) - IVA in Spanish -, or the creation of a tax on banking transactions, in...

It’s January and that means it’s “tax time”!

QCOSTARICA - The first month of 2021 has a calendar abundant in declarations and payment of taxes. Ten different tax forms, in fact, must be filled out and remitted to the General Tax Office. January has the peculiarity that, unlike other months, the payment of...

Costa Rica got more expensive this morning, July 1

(QCOSTARICA) Starting from today, July 1, 2020, articles of the basic basket and agricultural supplies will have a 1% Value Added Tax (VAT), and other changes that apply to some construction and tourism services, and an increase of one percentage point in the income...

Minister of the Presidency: ‘No new taxes on Friday’

(QCOSTARICA) "No new taxes will be announced on Friday," said the Minister of the Presidency (Chief of Staff), Marcelo Prieto, who has ruled out, for now, adding new taxes to revive the economy. "I can assure you that there is no announcement of new taxes...

Tomorrow Deadline To Declare And Pay Income Tax Without Penalty

Anyone who has carried lucrative activities or businesses in the country, between July 1 and December 31, 2019, you must file your income tax (impuesto sobre la renta in Sppnish) declaration for the first partial payment of income tax and pay up, without surcharge...

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...

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...

Electric Cars Tax Benefits Extended

The Ministerio de Hacienda (Ministry of Finance) decided to extend the deadline for the import of hybrid-electric vehicles by 24 additional months, to be carried out at reduced rates and in some cases without paying taxes. With the publication of decree 42080-H-MINAE-MOPT  in La Gaceta...

Colombia’s loathed tax reform passed Congress

A widely rejected tax reform that was approved by Colombia’s Congress in December may become President Ivan Duque‘s latest humiliation in court. Several senators and jurists have announced they will challenge the so-called “Economic Growth and Job Creation Bill” that has been rejected by economists...

Costa Rica Has Some of the World’s Highest Taxes

The government of Carlos Alvarado is about to impose a 40.5% tax on the sales of properties used for business purposes. The new rate has been in effect since July 1, 2019, in Costa Rica, and is be one of the highest of its kind...

Costa Rica’s Capital Gains Tax Is The Highest In The Region

Costa Rica's capital gains tax is the highest in the region, and one of the highest in the world in terms of the impact on the productive sector. Except in unusual cases, the rate in this country is 30% of the increase in the value...

Airbnb fears blow to Costa Rican hosts for permit charges

Airbnb fears that the initiative that is making its way through the legislative process to regulate its operation in the country will hit its hosts and discourage them from using the platform in renting out rooms, apartment, villas and houses, that has become, for...

Three Month Moratorium On VAT Sanctions

The Ministerio de Hacienda (Treasury) announced on Friday a three-month moratorium on "sanctions, arrears, interest, fines or any other sanctioning provision" regarding the Value Added Tax (VAT). This means, though the new tax regimen goes into effect on Monday, July 1, fines won't be applied...

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...

Central America: Fuel Prices For The Week Of March 17-23

The increase in reference prices for this fortnight is because gasoline inventories have experienced their largest decline since February until the last weekly report provided on Wednesday March 20 by the International Energy Agency (IEA). During the last five consecutive weeks, gasoline reserves have decreased...

IMF Recommends Costa Rica Increase Taxes

The International Monetary Fund (IMF) - Fondo Monetario Internacional (FMI) in Spanish - recommends the government of Costa Rica increase taxes.

Legislators Looking To Tax Non-Traditional Lodging

The proposed bill to generate security in tourism to avoid repeating what happened in the Airbnb where Carla Stefaniak stayed, where her body was found, is being discussed in the Economic Affairs Committee (Comisión de Asuntos Económicos), where taxing non-traditional lodging like Airbnbs would...

Sala IV Orders Treasury To Reveal List of Tax Debtors

Costa Rica's Sala IV (Constitutional Court) ordered the Ministry of Finance (Treasury) to reveal the list of tax debtors, including the names and amounts of the individuals and legal entities that owe money to the Treasury. The Court considers the information public access, as stated...

Uber alerts customers that the government’s bill would limit vehicle supply and double waiting times

For over three years, Uber, the ride-hailing app, has been fighting for its place in Costa Rica, battling government inaction and the verbal and physical abuse of the red or formal taxis. This week, the government of Carlos Alvarado presented a legislative bill to formalize...

Reforma Fiscal (Tax Reform) Now Law!

It didn't take days to publish the Reforma Fiscal (Tax Reform) passed in second and final debate late Monday afternoon and signed by President Carlos Alvarado less than a couple of hours later, in the official government newsletter, La Gaceta. Typically, it can take up...

What could be expected with the exchange rate in the coming weeks?

The dollar has dropped, hovering the ¢600 mark after a high only a few weeks ago of ¢630. What could be expected from the exchange rate in the coming weeks? The position of the Constitutional Court (Sala Constitucional ) with respect to the bill -...

Letter to the Editor: Collect the taxes that are due!

What I am going to suggest as an answer to the fiscal crisis in Costa Rica is simple. Collect the taxes that are due and payable through enforcement. In the U.S., we had the IRS with frightening power. When I lived in Russia we had what...

Legislator Enrique Sánchez: “Uber would pay a 3% tax for each trip”

Under the premise that Uber must be legal in Costa Rica, PAC legislator Enrique Sanchez, is promoting a bill that aims to level the playing field with taxi drivers and would incorporate a 3% tax on each trip made by the drivers of Uber. Questioned...

Tax Plan (Plan Fiscal) Would Prohibit Buying Drugs With Cash

If the government's tax reform (plan fiscal) proposal becomes a reality and comes into force, 1.2 million people in the country would not be able to buy even an aspirin at their local pharmacy. The current text of the initiative, and on which there is...

Costa Rica to Issue US$4 billion in Foreign Markets

To avoid further pressure on local interest rates, the Ministry of Finance will be considering issuing US$1 billion a year in the international market over the next four years. Representatives from the Ministry of Finance confirmed that they are preparing an application to the Legislative...

Costa Rica Story Sparks Threat of Lawsuit

Manitoba's Premier Brian Pallister wants Free Press to apologize. Pallister is refusing to answer questions regarding taxation issues about his Costa Rican property and threatening to sue the Free Press for its coverage of the story. Pallister has refused to discuss whether a company he...

Internet Purchases Would Pay Double Tax, If Proposed Tax Reform Approved

Purchases made online in Costa Rica would have two types of taxes, if the current text of the Ley de Fortalecimiento de las Finanzas Públicas (tax reform bill), making its way to the legislative process is approved after reaching the full Legislative Assembly on...

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...

Down To The Last Four Months

President Luis Guillermo Solis leaves office on May 8, 2018, after four years at the helm of a nation that some have qualified it as "ungovernable". In this Crhoy.com caricature, the President's main challengers this year are Taxes and Security.

Hacienda (Taxation) Confirms Internet Purchases Of Up To US$500 Are Tax Exempt

The Ministerio de Hacienda (Ministry of Finance) confirmed, through a statement issued today (November 23, 2017), that any Internet purchase, that is not for prohibited goods or for commercial purposes (only personal or family), and not exceeding US$500, are exempt from paying taxes.   The exemption...

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