Costa Rica: Warning Against Tax Increase

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.

Friday, March 13, 2015

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.

He argues that if the reform is implemented, consumers will have to expand their budgets to cope with the increase in various goods and services.

"As always, it is the consumer who will pay the bill, therefore we consider it appropriate that all parties make a deep analysis of the proposal and respond to the consultation of the Treasury with valid arguments" Ovares said.



More on this topic

Costa Rica: Proposal for Transfer Pricing Law

December 2016

The bill proposed by the Association of Accountants is based on Mexican law and seeks to regulate commercial activities between related companies from one country to another.

Although there has existed a regulation since 2013, which establishes rules on transfer pricing in the country, the bill proposes to go beyond the provisions of the regulations and establish formal legislation on the subject, as exists in other countries.

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: Consultation on Tax Reform Extended

March 2015

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 .

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.

Costa Rica: Anti Tax Evasion Bill

June 2014

The new Solís administration plans to establish the Value Added Tax and demand proof of tax payment for procedures in public institutions and on application for bank loans.

The tax reform being prepared includes a bill to reform income tax. This is part of a project by the Ministry of Finance which includes 55 specific actions among which are changes in the area of ​​income, reducing government spending and control of state borrowing.

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