Costa Rica: Consultation on Tax Reform Extended

The Ministry of Finance has postponed until April 17 the deadline for companies to make their comments on the draft legislation reforming income and sales taxes .

Thursday, March 26, 2015

Originally the deadline for providing comments on the tax proposal was March 27, but at the request of several sectors it has been extended until April 17, according to the chief of Finance, Helio Fallas. reports that "... The Treasury explained that to date it has received 29 responses on the proposal to amend the Income Tax, 29 on the new VAT and 34 on other topics. Most of the observations have been made by individuals. "

"... Once the consultation period has finished, the Treasury will prepare a bill to send the amendments to the legislative process. "

More on this topic

Costa Rica: Details of VAT and Income Tax Projects

August 2015

Among the new features are VAT refunds to those who pay for private medical practices with cards and the establishment of a new fiscal year, from January 1 to December 31.

From a statement issued by the Ministry of Finance:

Bill on value added tax (VAT):

New Features

- This project establishes a value added tax (VAT) levied on sales of goods and provision of services in Costa Rica.

Costa Rica: Banks Facing Tax Reform

April 2015

In its comments on the bill on income tax and sales reforms currently under public consultation, a request has been made that financial institutions be subject to a system of global and not published income.

From a statement issued by the Costa Rican Banking Association (ABC):

Costa Rica: Warning Against Tax Increase

March 2015

The Institute of Chartered Accountants has stated that projects to reform VAT and income tax will affect the final consumer by making goods and services more expensive.

From a statement issued by the Institute of Chartered Accountants:

The President of the Institute of Chartered Accountants, Ovares Francisco, believes that the new bills to reform the Value Added Tax (VAT) and income tax (ISR), which the Treasury is submitting to public consultation will have a direct impact on consumers.

Costa Rica: Minister Calls for Tax Rise

October 2014

The Vice President and the Minister of Finance have insisted that the Assembly adopt a draft law to establish global income and convert the sales tax into value added tax.

This December is the date set for the plan to convert to sales tax into value added tax (VAT) and for the first quarter of 2015, the bill on global income. Also in 2015 a draft law will be submitted on the Framework Law on Exemptions.