The Congress of Costa Rica has finally approved a $500 million loan for the state electricity company to carry out electric generation and transmission works, including three geothermal plants.
Of the total amount of the loan with the Inter-American Development Bank (IDB) approved by the Legislative Assembly, close to $200 million will be used to finance the Pailas II, 50 MW, and Borinquen I, 55 MW geothermal projects, both in Liberia, Guanacaste.
Agricultural machinery and equipment, retreads and tires for machinery could be exempt from 13% VAT, if the substitute text of tax reform that is being discussed in the Legislative Assembly is approved.
The same exoneration would apply to books in all their formats, which in the original bill presented by the government had a differentiated rate of 4%.
A bill that is being discussed in the Legislative Assembly proposes establishing a tax of 5% on the net sale price of imported or locally produced cement.
The bill establishes that "...the tax on cement produced within the national territory or imported, will be of five percent (5%) on the net sale price, both in the case of the national producer at the level of the production plantand for the importer at the level of the dispatch or storage site, excluding the corresponding sales or value-added tax, as well as any other tax".
The Costa Rican Congress has approved a fast track bill that would transform sales tax into a VAT of 13% and establish a 4% rate on the purchase of packaging, wrapping and raw materials, among other things.
The bill that could be approved by the Legislative Assembly also includes "... taxes on books in all their formats, air tickets, purchase of packaging and raw materials, as well as equipment and machinery (except if there is an express exoneration) and services for agricultural and agroindustrial production."
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.
In the Legislative Assembly a bill is being discussed that would allow for hiring done by government entities not to require the endorsement of the Comptroller General of the Republic.
Bill 20.202 is an initiative of the General Comptroller of the Republic, which put forward a proposal with the aim of reducing the time and the bureaucracy involved in the review and subsequent endorsement of each contract.
The bill which the Legislative Assembly approved in a first debate establishes tax exemptions for imports of electric vehicles and authorizes the replacement of the vehicle fleet belonging to State entities.
Nacion.com reports that "...Specifically, the bill authorizes the State not to charge taxes on fully electric vehicles costing less than $30,000 (¢17.4 million)."
In Costa Rica, a bill under analysis in Congress would force industrialists to contribute to the National Rice Corporation with an additional 5% of the value of the rice purchased under import schemes due to shortages.
Although the aim of the two bills that are being discussed in the assembly is to comply with a resolution of from the Sala IV (4th Court) which ordered consumers to be incorporated into the board of directors of Conarroz, it was also used to modify in the law texts other aspects to which industrialists are opposed.
The Congress has approved in a first debate a new law on the management of water resources, after having declared a law unconstitutional in 2014 following its approval that same year.
One of the main differences of this new bill with the one from 2014 is the elimination of the articles that refer to hydrological unit councils, whose original purpose was to supervise the application of the law.
Finally, the Congress in Costa Rica will discuss a bill that proposes the exploration and exploitation of geothermal energy in national park lands.
Studies carried out by the Costa Rican Institute of Electricity (ICE) estimate potential geothermal energy generation in the country at 875 MW, where current installed capacity is 195 MW.
Once enacted, the newly approved law will force accountants, lawyers, realtors, and other professionals to report suspicious transactions made by their clients.
Bill 19.951 reforming the Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legalization of Capital and Financing of Terrorism was approved in a second debate by the Legislative Assembly.
The $100 million loan contract to modernize the posts of Las Tablillas, Peñas Blancas, Paso Canoas and Sixaola has been withdrawn from the legislative agenda in order to re-consult with indigenous peoples.
The loan agreement between Costa Rica and the Inter-American Development Bank was withdrawn from the legislative agenda for further consultation with indigenous peoples.
The amendment to the money laundering law approved in the first debate requires accountants, lawyers and real estate agents to report suspicious transactions made by their clients.
Bill 19.951 reforming the Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legalization of Capital and Financing of Terrorism was approved in a first debate by the Legislature on April 21.The new regulation establishes the obligations on professionals engaged in non-financial activities, such as lawyers, accountants, notaries and real estate agents, once the law is fully approved and enacted.
Under study in the Legislature are 26 bills involving new taxes, increases of some existing ones and redistribution of others.
An analysis piece by Nacion.com notes that the Legislative Assembly is currently considering 26 bills introduced during the current administration which in some way involve the issue of taxes."...Of the total projects, 50% are attempts to raise them or create a new type of tax or fees. "
The law passed in first debate establishes an annual tax of between $119 and $394, depending on whether the company is active or not and the amount of income generated.
The bill was approved this morning in the first debate, and resources that are collected will be used, only this once, for hiring police officers.
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