Taxes: Moratorium Proposed in Costa Rica

A three-month moratorium on the payment of value added taxes, business income and customs duties is the proposal of the Executive in view of the emergency caused by the spread of covid-19 in the country.

Monday, March 16, 2020

The initiative "COVID-19 Tax Relief Project", which was presented to the Legislative Assembly on March 16, proposes that taxpayers can postpone the payment of taxes for at least three months. During this period no fines or interest will be applied to those who take advantage of this moratorium.

A statement from the Ministry of Finance explains that the plan is to delay payment of "... income taxes, VAT and customs duties for companies and SMEs for a three-month period after the law comes into force. The amounts of the taxes corresponding to that period will have to be paid by the taxpayers before December 31st, without interest or fines."

Depending on the impact of the pandemic on the economy, the law would authorize the President of the Republic to extend the moratorium once for a month. The measure does not exempt taxpayers from any other tax obligation, the document states.

Another of the measures that the government would adopt is to significantly reduce the monetary policy handle to make credits cheaper and an insurance policy to allow the tourism sector to face the Coronavirus quarantines.

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The National Assembly of Panama approved in second debate the draft law that extends the period of tax amnesty until June 30, 2020.

The initiative proposes that up to 85% of the total interest, surcharges and fines be recognized if payment is made after February 29, 2020 until June 30 of the same year, so that taxpayers may proceed to make their corresponding payments or credits.

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The tax reform law that would be approved in second debate in the coming weeks, involves the exoneration of arrears and penalties for taxpayers who pay their debts in the first three months after the publication of the law.

The proposed measure consists of exonerating 100% of the interest on arrears and up to 80% of the penalty to taxpayers who pay in the first month after the Law is published in the official newspaper La Gaceta.

Tax Regularization in Panama

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The National Revenue Authority plans to raise $400 million from taxpayers who will be allowed to regularize their tax status under the Tax Adjustment Act. reports that "In addition to the so-called regularization or tax amnesty, the law establishes a moratorium for taxpayers who are delinquent in any taxes administered by the Anip.

Reforms to the Costa Rican Tax System

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The reforms include provision for a fine for non payment of partial income taxes, facilitation of tax refunds, and streamlining of tax collections on luxury homes.

The Legislature has approved the "Project for urgent reforms of the tax administration", the first of the proposals included in the tax reform promoted by the Chinchilla administration in the package entitled "Solidarity Tax Act."

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