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 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 minister points out that in order to reduce tax evasion, the new system should be as simple as possible.

Consultations with other political players "began this week with talks on Monday with the Libertarian party, lead by party leader, Otto Guevara."

More on this topic

Guatemala: Tax Reforms in Place

March 2012

As of March 13th, the second exchange or sale of real estate will not pay VAT, just 3% stamp duty.

The Tax Update Law (Decree 10-2012), which entered into force on Tuesday 13th March, indicates that Value Added Tax (VAT) of 12% will be paid only on the first transaction of a property. Taxpayers will pay only 3% stamp duty.

New Changes to Costa Rica's Tax Reform Project

April 2011

Facing pressure from political parties and productive sectors, the government decided to change the project.

Modifications include a new set of basic products extent from value added taxes and changes to the "social economic" sector, which includes solidarity associations, cooperatives and the "Banco Popular".

Costa Rica Announces Fiscal Reform Project

December 2010

The project which will be presented to the National Assembly includes a Value Added Tax (VAT) of 15%.

This tax will replace the current sales tax.

The project was presented by the Finance Minister, Fernando Herrero, during an event at the Attorney Bar Association.

With regards to the VAT, the minister added that it is of special concern "...

Costa Rica: New Tax Reform Project

May 2010

The Treasury Ministry is working to integrate a number of existing ideas and proposals into a new tax reform project.

Fernando Herrero, the new Treasury Minister, explained they will review all the existing proposals, summarize them and use the result as the basis for a new bill.

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