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Costa Rica Urged to Instate Value Added Tax (VAT)

Costa Rica News – This should be interesting if implemented.

The International Monetary Fund (IMF) has urged Costa Rican lawmakers to agree on much-needed valued added tax (VAT) that would replace the current sales tax on purchases and income tax reforms.

VAT applies to all provisions of goods and services. VAT is assessed and collected on the value of goods or services that have been provided every time there is a transaction (sale/purchase). The seller charges VAT to the buyer, and the seller pays this VAT to the government.

The report said that the country has increased its income tax revenues and approved laws to tackle tax evasion.

Corporate tax reforms are also before Congress.

However, the country’s lawmakers have yet to green light the implementation a value-added tax in place of the current general sales tax, with the adoption of the levy beset by delays.

Source: www.tax-news.com

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