A new project was summited at the Costa Rican Congress, titled Moratorium for the Collection of the Value Added Tax of the Basic food basket to alleviate the economic effects of COVID-19 on the vulnerable population. It intends to delay up to two semesters after the end of the COVID-19 pandemic, the entry into force…
Tag Archives: Tax
By resolution RES-DGA-147-2020 of March 30, 2020, the Costa Rica´s General Directorate of Customs made the deferred payment mechanism official through TICA system, for the months of April, May, and June 2020, for those importers who wish to avail themselves of the moratorium of the customs tax obligation on the definitive importation of merchandise, regulated…
In the Scope No. 65 to La Gaceta No. 64 of March 29, 2020, the “Regulation to Law No. 9830 of March 19, 2020, on Tax Relief before Covid-19” was published. Regarding the moratorium of the customs tax obligation on the final import of merchandises, it regulates: Subject: Individuals or legal entities registered as taxpayers in…
The new Law of the Republic determines a moratorium on the payment of VAT, income tax advance payments, excise tax and import duties, during the months of April, May and June 2020. Upon the completion of the moratorium, taxpayers must pay the Ministry of Treasury the total amount due for taxes that should have been…
BLP partner Luis Chacón, tax law expert, participated as a speaker at the Tax Symposium organized by the College of Private Accountants on November 6, 2019, in which he discussed the deductibility of expenses, tax havens and hybrid asymmetries in light of the Tax Reform in Costa Rica. For an expense to be deductible from…
GAZETTE SUMMARY BILLS OF LAW Exchange of tax information between Costa Rica and the United Arab Emirates (UAE) In draft form, the “Agreement between the Republic of Costa Rica and the Government of the Arab Emirates for the elimination of double taxation on income taxes and capital gains, as well as the prevention of tax…
GAZETTE SUMMARY EXECUTIVE DECREES Update of the single tax by fuel type The Tax Authorities updated the amounts of the single tax by fuel type, as follows: Fuel Type Tax (colones) Regular Gasoline 241,25 “Super” Gasoline 252,75 Diesel 142,75 Asphalt 49,00 Asphaltic emulsion 36,75 Bunker Fuel 23,25 LPG 49,00 Jet Fuel A1 144,75 Av Gas…
GAZETTE SUMMARY <h3″>EXECUTIVE DECREES</h3″> Incentives for Electric Vehicles The Regulations under the Law of Incentives and Promotion for Electric Transportation have been issued. The economic incentives for electric vehicles included in the Law are the following: Exemption from the General Sales Tax, proportional Exemption from the Excise Tax, proportional Exemption from the customs duties, proportional…
GAZETTE SUMMARY EXECUTIVE DECREES Delays in granting benefits Article 5 of Executive Decree number 40540-H, called “Fiscal Contingency” was amended, authorizing a delay for granting the declarations of public interest, sports activity, or cultural interest, for activities or legal entities, by the different government entities that have the authority to grant it. The declaration of sports…
GAZETTE SUMMARY EXECUTIVE DECREES Applicable depreciation for photovoltaic panels The list of assets included in the Annex No. 2 of the Regulations to the Income Tax Law named “Depreciation Method and Percentages” was amended with the aim of acknowledging depreciation as a tax-deductible expense for Income Tax purposes as follows: Asset or activity Annual…