Costa Rica VAT launch penalty suspension
- Americas News
- Jul 13, 2019 | Richard Asquith
Following this month’s introduction of a 13% Value Added Tax in Costa Rica, the government has granted a three-month suspension of any penalties. This will enable businesses to become familiar with the new indirect tax, which replaced effectively a sales tax on goods only. Many professional services, property rental and some types of insurance have been brought into the tax net for the first time.
Large tax payers, ‘GETES’ are not exempted from fines. Returns must be filled and VAT payments must still be made.