Wednesday, 30 September 2020
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Legislators bury possibilty of posponing VAT on basic basket

The bill presented on June 11 by the government to postpone the Value Added Tax (VAT) on basic basked items is still under consideration, despite the tax takes effect today, July 1.

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...

Netflix, Amazon and other digital platforms will be more expensive on August 1

(QCOSTARICA) Either through the provider directly, or card issuers, Netflix, Tinder, Amazon and other cross-border digital services will add the 13% Value Added Tax (VAT) beginning August 1. These are services provided by a provider not domiciled in the country through the Internet or any...

All commercial leases are exempt from VAT for April, May and June

All commercial leases are exempt from Value Added Tax (VAT) for the months of April, May and June, announced the Ministerio de Hacienda (Ministry of Finance). The tax relief is applicable to all who pay rent for business premises, retail space, office space, a doctor,...

Covid-19 emergency: Payment of four taxes postponed

With the unanimous vote of 47 legislators present, the Legislative Assembly approved in the first debate, on Tuesday night, the Ley de Alivio Fiscal ante el Covid-19 (Tax Relief Law before Covid-19), after an intense day of negotiations between the legislative factions and the...

Minister of Tourism: ‘We know that there will be an extremely strong economic impact’

The Minister of Tourism, María Amalia Revelo, acknowledged that the entry restriction that will be applied at all airports, seaports and land borders, starting Wednesday, March 18 will severely hit the tourism sector. “It is a complex day for the sector, we know it. We...

President Creates Thousands of Jobs For Bureaucrats

In almost two years (May 8) of is administration, President Carlos Alvarado allowed the creation of 37,000 jobs in the public sector, according to data from the Instituto Nacional de Estadísticas y Censos (INEC) - National Institute of Statistics and Censuses. Of the 37,000 new...

Costa Rica’s Finances on Treacherous Terrain

(Bloomberg) Costa Rica’s fear of protesters is proving to be greater than its fear of credit ratings agencies, putting its public finances back on shaky ground less than two years after the nation narrowly dodged a financial crisis. Moody’s Investors Service on Monday downgraded the...

New Telephone Scam: False Income Tax Refunds

A new scam has been uncovered, targeting the public into divulging personal information to scammers - estafadores in Spanish - making random calls informing whoever answers the phone they have a tax refund coming. La Nacion, in its report, an extract of a conversation recorded...

How much of a disadvantage is it to rent a car from the San Jose airport?

All vehicles rented at the San Jose (or Liberia airport in Guanacaste) have a 13% airport fee attached. That used to be the sales tax but changed to airport fee, plus the Value Added Tax (VAT) when went into effect last July. Thus, a vehicle...

More Corporations (Sociedad Anónimas) Close in Costa Rica

In the first nine months of 2019, 4,715 Corporations or Sociedad Anónimas were closed, 13% more than the total number closed during the whole of 2018, which could be because of the entry into force of the Ley del Impuesto a las Personas Jurídicas...

New VAT Payment Scheme for Agribusiness

From October 1, Costa Rican producers and suppliers in agricultural and fisheries work will be taxed through the new Régimen Especial Agropecuario (REA) - Special Agricultural Regime. With the announcement last week, the agricultural and fishing sector have a special regime for declaring and paying...

Tax on Tax On Airport Car Rentals, Now You Know!

Ricos' TICO BULL - If you are thinking about renting a car in Costa Rica for your visit, there is something you need know, the taxes on your car rental. Renting a car in Costa Rica is pretty straight forward, you go online and make...

How much did prices go up during the first month of the VAT?

The year-on-year increase in consumer prices reached 2.89% during July, the first month of the Value Added Tax (VAT), compared with 2.42% the previous month, the Instituto Nacional de Estadística y Censos (National Institute of Statistics and Censuses) reported. The number remains within the target...

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...

Ticos say they will sacrifice fast food and beer because of the VAT

Jonathan Jiménez likes his beer. Every quincena (pay weekend) he spends between 20 and 30 'rojos" (20,000 and 30,000 colones) on his favorite beer, Imperial. But this taxi driver told La Teja he accepts that the economic situation is tougher with the entry into force...

Municipal Workers Protest In Front Of Ministry of Finance

Workers from different municipalities are demonstrating in front of the main offices of the Ministry of Finance (Ministerio de Hacienda) on Avendida 2, blocking traffic in the center of San Jose. They are protesting against the draft “Ley Marco de Empleo Público” (Public Employment Framework...

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...

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%...

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...

Violence At Casa Presidencial: Protestors Throw Stones And Dynamite

A noise inside the Casa Presidencial (Government House) House building alerted the police on Tuesday, locking down the building as the protests by fishermen outside the gates turned violent. The alarm went off, the main glass doors to the building closed and police dressed in...

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...

Renting A Car In Costa Rica Will Be More Expensive On July 1

With the implementation of the Value Added Tax (VAT) on July 1, 2019, renting a car in Costa Rica will be more expensive: 13% more expensive. This in addition to the already ridiculous high car rental prices in the country. Currently (on rentals up to...

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,...

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