One of the major proposed changes would swap the current sales tax for a value added tax that would encompass services as well as goods. Tourism activities would be exempt for the first year after the law goes into effect, then charged 5 percent in the second year, 10 percent in the third and 15 percent starting the fourth year.
Delays on the approval of fiscal reforms prompted Fitch Ratings to downgrade Costa Rica's Long-Term currency bonds earlier this month and ratings for six banks, including four state-owned banks.
Those who fail to submit informative returns before the extended deadline are exposed to fines ranging from 10 to 100 base salaries, equivalent to ₡4.2-₡42 million ($7,475-74,750).
A spike of almost 30 percent in the number of traffic accidents recorded in Costa Rica during first eight months of this year prompted an increase in the price of the mandatory automobile insurance for 2017.
Messages are being sent to owners of high-value properties or those who have recently purchased luxury vehicles but submitted tax returns reporting low income, which exempts them from paying income tax.
The new online platform, called Virtual Tax Administration (ATV), will be available at the ministry’s website and will replace current software taxpayers are required to install on their computers.
One of the major proposed changes would swap the current sales tax for a value added tax that would encompass services as well as goods. Tourism activities would be exempt for the first year after the law goes into effect, then charged 5 percent in the second year, 10 percent in the third and 15 percent starting the fourth year.
Airlines operating in Costa Rica finally can start including the country’s $29 exit tax into the cost of flights next week, according to Vice President Ana Helena Chacón, who made the announcement at the president’s weekly press conference at Casa Presidencial on Tuesday. But no airlines have yet announced when they will begin using the Exonet system.
