Consultation on Tax Reform in Costa Rica
The Finance Minister began talks with political groups trying to identify a project with as much support as possible prior to presentation.
Wednesday, November 3, 2010
Fernando Herrero, minister of finance, stated to Aaron Sequeira of Prensalibre.cr that the basics of the first draft of the proposed tax reform is progressiveness and simplicity, with the Value Added Tax (VAT) and Income Tax as the main sources of revenue.
The project which will be presented to the National Assembly includes a Value Added Tax (VAT) of 15%.
Facing pressure from political parties and productive sectors, the government decided to change the project.
The Treasury Ministry is working to integrate a number of existing ideas and proposals into a new tax reform project.
As of March 13th, the second exchange or sale of real estate will not pay VAT, just 3% stamp duty.
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