Tax Exemption Ends for 90 Products

Due to the government’s need to increase tax revenue in Costa Rica several types of meat and fruit will incur sales tax of 13% from Monday .

Thursday, May 3, 2012

Among the types of products that will be taxed from now on with 13% sales tax are beef and pork loins, beef tenderloin and pork t-bone, Delmonico, sirloin, salmon, rice paella, risotto, shrimp, lobster, oysters, kiwi, plums, prunes, cherries and peaches, reports Nacion.com.

"Eggplant unpackaged fresh or dried, grape fruit, figs and fresh mamey, potato and cassava flour, honey, floor mops and mosquito repellent" are other products that are to be taxed starting from Monday, May 7th.

Some entrepreneurs, like Leonardo Luconi, president of the Livestock Development Corporation, fear that the new tax will result in a reduction in demand for meat.

A decree amending the exemptions was published in the edition number 55 of La Gaceta on 30th April.

More on this topic

Costa Rica Prepares New Tax Measures

April 2012

In light of the failure of the first draft of the tax reform, the Government has announced more taxes, the end of exemptions on luxury goods and tax on remitted abroad.

After the defeat of the so-called 'Solidarity Tax Act' in the country's Supreme Court, the Government has been forced to re-do their fiscal and tax plans and launch a new legal package in Parliament.

New List of Products Exempt from VAT

May 2012

In Costa Rica, the Ministry of Finance has published a new list of products exempt from the basic VAT of 13%.

The Ministry of Finance has decided to include in the list of exemptions meats such as steaks, ground beef, sirloin tip, brisket, liver and tongue, and others.

Also exempted is honey, fish, other than those consumed by higher income sectors, such as tuna filets, cod and salmon, reported Nacion.com.

Costa Rica: Global Income and VAT in Proposed Tax Plan

June 2014

Replacing Sales Tax with VAT, applying a system of global income and maintaining exemptions in free zones are part of the projects being prepared by the government.

With the three projects he plans to introduce in the Legislature, the Executive leader intends to increase total tax revenue to 2% of GDP in two years and completely eliminate the primary deficit, which at the end of 2013 was 2.8% of GDP.

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