Tax Exemptions for Electric Vehicles Comes Into Effect

The regulation that grants tax benefits on imports of electric cars has come into force in Costa Rica, and according to agencies it will help final prices to fall between $5 thousand and $10 thousand per unit.

Friday, May 25, 2018

The regulation that will allow the entry into force of the law was published in La Gaceta, and will enable electric vehicles that have been held in Costa Rican customs offices to be released.

See "Tax benefit for electric vehicles" and "Exemptions for electric vehicles"

With its publication, several parts of the law that depend on the document will become effective, " ... Among them: exoneration of spare parts for electric vehicles, exoneration of equipment for assembly and production of electric vehicles, exoneration of parking meter payments, the use of blue parking for electric transport vehicles, ordinary concessions for taxis and exemption from taxes for parts for recharging centers."

See also "Age of the Vehicle Fleet in Central America"

Nacion.com reports that the published regulation details that " ... The purpose of this executive decree is to regulate the administrative organization and institutional competences linked to the stimulation of electric transport, by means of economic and non-economic incentives defined in the Law on Incentives and Promotion for Electric Transportation, Law No. 9518 of 25 January 2018'."

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More on this topic

Bureaucracy and Electric Cars

August 2018

In Costa Rica, the law on incentives to import these types of vehicles has been in force for six months, but agencies are not able to take advantage of the exoneration because the Treasury has not yet adapted its customs computer system.

Although the "Law of Incentives and Promotion for Electric Transport" came into force six months ago, distributors are still facing obstacles to complete the importation processes under the new tax benefits scheme.

Tax Benefit for Electric Vehicles

January 2018

Distributors of electric cars in Costa Rica estimate that with the entry into force of the law, prices of these vehicles could fall by between $5 thousand and $10 thousand.

According to vehicle distributors, with the implementation of the "Law on Incentives and Promotion of Electric Transportation" that was approved by the Legislative Assembly last month and which was signed by President Solís on January 25, prices of electric vehicles could come down by between $5 thousand and $10 thousand.

Exemptions for Electric Vehicles

December 2017

With the law approved by the Legislative Assembly of Costa Rica, electric vehicles are exempt from the general sales tax, the selective consumption tax and the customs value tax.

Finally, the Legislative Assembly has approved, in a second debate, the Law on incentives and promotion of electric transport, which aims to encourage the purchase of these types of cars in the country.

Sales of Electric Cars Growing Slowly

December 2017

Even though tax incentives have been in place since 2012 for buying hybrid or electric vehicles in Panama, preference for these types of cars in the local market is still low.

Law 69 of October 12, 2012 contemplates tax incentives for the import of hybrid and electric cars framed within the promotion of new and efficient techniques and technologies in energy consumption.

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