• Costa Rica Real Estate

Restaurant owners say 2 percent bank charge on credit, debit transactions could cause problems

October 8, 2014
2 Comments

Representatives of the Costa Rican Restaurants Chamber (CACORE) warned this week that restaurant owners could face liquidity problems from a 2 percent charge that banks will assess on all dining payments made with credit and debit cards.

The measure was prompted in August by a Tax Administration decree and takes effect this month. According to the decree, banks will withhold 2 percent of credit and debit card payments from restaurants as an advance on income tax payments. CACORE criticized the plan during its annual congress of 225 representatives from the sector, who met this week.

Chamber executive director Alejandro Madrigal Ramírez on Tuesday said they had requested a meeting with Finance Vice Minister Fernando Rodríguez, and the two sides could begin discussions as early as next week.

Tax Administration General Director Carlos Vargas in August said the measure has two goals: To collect advanced income tax payments and to track all payments made with credit and debit cards in the country.

CACORE’s congress also held forums to discuss other challenges, including high levels of competition. According to Health Ministry records, more than 20,000 food and beverage businesses operate in Costa Rica.

Competition has led to some 1,900 layoffs in the sector this year, but congress attendees said they did not expect more firings for the rest of 2014.

Restaurant owners also complained about excessive red tape at public agencies – particularly at municipalities – and dry laws prohibiting the sale of alcohol during certain holidays.

Facebook Comments

You may be interested

‘A vision that demonstrates the capacity of Costa Rica’: New law will ban styrofoam
Costa Rica
65 views
Costa Rica
65 views

‘A vision that demonstrates the capacity of Costa Rica’: New law will ban styrofoam

Alejandro Zúñiga - July 17, 2019

Costa Rica's road to decarbonization and improved ecological sustainability took a significant leap forward as the country passed a law…

Wild Wednesday: Cleo’s recovery
Changemakers
16 views
Changemakers
16 views

Wild Wednesday: Cleo’s recovery

The Tico Times - July 17, 2019

Hola. My name is Cleo and I came to Sibu Sanctuary in June of this year. I was approximately 2…

USNS Comfort mission to arrive in Costa Rica this weekend
Costa Rica
1009 views
Costa Rica
1009 views

USNS Comfort mission to arrive in Costa Rica this weekend

Alejandro Zúñiga - July 16, 2019

Costa Rica will receive this weekend the USNS Comfort, a United States Navy hospital ship, as part of the vessel's…

Do NOT follow this link or you will be banned from the site!