Tuesday 29 November 2022

Treasury authorized a reduction in the payment of the Marchamo for more than 60,000 vehicles

Treasury denies preferential treatment to the President's vehicle

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29 November 2022 - At The Banks - BCCR

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QCOSTARICA – If you have yet to pay the 2023 circulation permit or Marchamo, confirm that you are fiscal value – the vehicle’s valuation for tax purposes – is correct, that is, is not overvalued as hundreds of users complained in the first days of paying their Marchamo.

The annual circulation permit or Marchamo includes payment of the property tax on vehicles and compulsory insurance, among other items

A media and public outcry led the Ministro de Hacienda (Finance Minister), Nogui Acosta, to urge the population to take the necessary steps to review the fiscal value of their vehicle.

In addition, Acosta confirmed that the Ministerio de Hacienda (Ministry of Finance or Treasury) has already authorized a review of the fiscal value, resulting in a reduction in the payment of the Marchamo for more than 60,000 vehicles.

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The Marchamo includes the property tax on vehicles, paid annually, based on a formula that includes the fiscal value, which for many seems to increase every year.

In some cases, the fiscal value more than doubled from last year. In other cases, the assessed is greater than the fiscal value assessed on a new vehicle of the same make and model.

On Friday, Acosta announced that the Ministry of Finance is working on a new formula to calculate the vehicle tax value formula to better reflect market prices.

Read more: Marchamo collection starts today, Nov 1

Also on Friday,  Acosta took the opportunity to deny that “preferential treatment” in the collection of the Marchamo was given to the vehicle of President Rodrigo Chaves.

Up to Friday, day four of the collection, almost 21,000 Marchamos had been paid, for an amount that exceeds ¢3.9 billion colones.

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