Costa Rica VAT rises to 15% 2017
The Costs Rica VAT rate is proposed to rise from 13% to 15% by 2017 – there will be 1% rises in 2016 and 2017.
Costa Rican VAT (Impuesto General sobre las Ventas) has been in place since 1982. In addition to the rise in the standard VAT rate, certain goods, including basic foodstuffs and services, will be reclassified to the 5% reduced rate. There will be no change to the 10% reduced VAT rate But all services, excluding education will be liable to VAT.
VAT returns will be monthly, and due on 15th of the month following the reporting period. Small enterprises, below CRC 57million annual turnover, may apply for quarterly reporting.
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