Costa Rica: Details of VAT and Income Tax Projects

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.

Monday, August 10, 2015

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.
- Payers of this tax are legal and natural persons who provide services or sell goods that are taxed, as well as persons performing imports. In the sale of goods and services mandatory issue of invoices is duly authorized
- Health services are taxed with this Act, however, it provides that in the case of the purchase of private health services (not including hospitalization and surgery) paid using credit card, debit card or other authorized electronic means, the total tax paid will returned to the consumer. The maximum time period for return will be within fifteen days following the month after the acquisition.

More details about the proposal here.



More on this topic

Another Attempt To Approve a Fiscal Reform

November 2017

In Costa Rica, the new proposal from the Solis administration's imposes tax on a greater amount of goods and services, such as air tickets, books, packaging and bottling, but with differentiated rates.

As the government's initial idea to convert the sales tax into a value-added tax and raise it from 13% to 15% did not prosper, the Ministry of Finance decided to expand the range of goods and services to be taxed, in order to compensate part of the funds that could not be raised from raising the rate from 13% to 15%.

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: 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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