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.
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.
In Costa Rica, the Ministry of Finance has published a new list of products exempt from the basic VAT of 13%.
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.
The items to be introduced are: global income, world income, and municipal taxation on dividends distributed to companies operating in free zones.
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