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IMF loan must be approved in the Assembly no later than the beginning of June

QCOSTARICA - The Legislative Assembly must approve the US$1.75 billion dollar "soft" loan from the International Monetary Fund (IMF) no later than the beginning of June, affirms Manuela Goretti, Head of the IMF Mission. At the Friday press conference, Goretti detailed the procedure to follow...

New criteria for calculating VAT in outsourcing services could raise costs

Businesses that outsource services must collect the VAT (Value Added Tax) from their clients on the total amount of the service and not only on the commission, as had been understood until now. This was indicated by Costa Rica's General Directorate of Taxation in responses...

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...

Government evaluates increasing VAT by 1% or taxing bank transactions

QCOSTARICA - The Government of Carlos Alvarado is evaluating increasing the Value Added Tax (VAT) by one percentage point or taxing bank transactions to complete the new income component, by 0.8% of GDP, in the fiscal adjustment proposal that the country will negotiate with...

Taxation: collecting VAT does not mean legalizing Uber or DiDi

QCOSTARICA - Charging the Value Added Tax (VAT) does not make a business legal in Costa Rica, so says the Tax Administration of the Ministry of Finance. As of Friday, December 18, the trips made through technological platforms such as Uber and DiDi will be...

Uber and DiDi or watching Disney+ will be 13% more expensive from Friday

QCOSTARICA - Uber, DiDi, Disney +, Expedia, Booking, Despegar, and Aplaudir.com will, starting Friday, December 18, collecting from their customers the 13% Value Added Tax (VAT). That is the word from the General Directorate of Taxation (Treasury) on Monday, December 14. The Treasury's decision is based...

Poor households will receive about ¢15,000 a year in 2022 for the refund of VAT to the basic food basket

QCOSTARICA - Families in the 20% of poor households (those whose income is not enough to cover basic needs) in the country will each receive about ¢15,000 a year as a refund of the payment of 1% to the Value Added Tax (VAT) starting...

Staying at home costs 13% more!

On October 1, the 13% Value Added Tax (Impuesto a Valor Agregado or IVA) in Costa Rica, also includes Netflix and other online services such as Facebook and others.

President signs law that frees tourism of VAT for another year

(QCOSTARICA) President Carlos Alvarado, this Tuesday singed the law that exempts, for another year, the Value Added Tax (VAT) for tourist services registered with the Costa Rican Tourism Institute (ICT). The VAT moratorium law for the tourism sector will come into force today, August 19,...

Every colon counts for the 1.2 million Ticos hit by the VAT

(QCOSTARICA) The entry into force of the 1% of the Value Added Tax (VAT) in the basic basket (canasta basica) items, as of this Wednesday, July 1, represents a blow that will not necessarily go unnoticed by an important group of the neediest and...

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...

Services and products would cost more in July

(QCOSTARICA) Tighten the purse strings, come July we can expect to pay more for rice, bread, beans, the pet products and even to buy a house. This is because it was established that in July month the Value Added Tax (VAT) would go into effect...

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,...

20 changes that the Government applied to help companies and people against the coronavirus

With a clear focus on defending employment and freeing up money so that companies and individuals have a "cash flow" in the coming days, dulled by the uncertainty caused by the coronavirus in the economy, the Government has so far added 20 actions aimed...

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...

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...

Colombia announces measures to reduce the effects of the coronavirus on the economy

In order to counter the negative effect of the coronavirus covid-19 on the national economy, ColombiaPresident Iván Duque announced several measures to alleviate the most affected sectors, including the creation of a US$250 billion Bancóldex credit line. In the speech, President Iván Duque (at the...

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...

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...

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...

Vice Minister of Finance resigns for family business debt with VAT and CCSS

The Deputy Minister of Revenue, Nogui Acosta, resigned his position on Saturday after it became known that a family business owed the Ministry of Finance some ¢10 million colones for the value added tax (VAT), and ¢15 million to the CCSS for employer labor...

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...

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...

President asks Hacienda to explain the impact of VAT on fuel prices

Costa Rica President, Carlos Alvarado, asked officials of the Ministry of Finance (Ministerio de Hacienda) to explain to the country the impact the Value Added Tax (VAT) will have on the price of fuels. On Tuesday, Hacienda gave gasoline station operators notice about the obligation...

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...

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...

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