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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