Saturday 9 December 2023

Will the tax values of vehicles increase before the Marchamo on Nov 1?

Treasury said nope, taxes can't be raised.

Paying the bills


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QCOSTARICA — Tax value (valor fiscal en Spanish) of vehicles is at the whim of the Ministerio de Hacienda (Ministry of Finance). The value is calculated based on the make, model, and age of the car, which in many cases has no relation to market value.

The Marchamo is due by every December 31.

The tax value is used to calculate the registration or transfer tax, as well at the Marchamo or annual circulation permit.

Will the tax value of vehicles increase before the application of the reduction in the Marchamo? Hacienda says no.

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Read more: 2024 Marchamo reduction gets official approval

This clarification was made in the context of a new law that modifies the vehicle ownership tax, which implies changes in the collection of taxes and in the valuation of vehicles in the future.

The Director General de Hacienda, Rudolf Lucke, explained that this modification requires implementation in the tax systems and subsequently in customs, which represents ongoing work of great importance.

“There is a new law that modifies the vehicle ownership tax. This law implies changes in the collection of taxes, as well as in the way in which vehicles will be valued in the future. This modification must be applied in the taxation systems and subsequently at customs, which represents important work in progress. It is relevant to note that, although some values are experiencing changes as a result of this implementation, an increase in tax values is not expected.

“The values of the vehicle fleet current will be adjusted taking into account the depreciation contemplated in the current law, which will result in a decrease in the value of the vehicles. Consequently, there will not be increases, but rather adjustments in the systems. At the time of paying the Marchamo, the value tax will be lower for the entire current vehicle fleet and for the new vehicles that enter under the new valuation scheme,” Lucke told Noticias Repretel.

This clarification by the Hacienda aims to provide certainty to vehicle owners and clarify that the reduction in the Marchamo will not be counterproductive for taxpayers.

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