The Ministry of Finance and the Central Bank of Costa Rica are developing a mechanism to withhold taxes on commercial transactions made through SINPE-Móvil, without affecting personal transactions. The objective is to reduce VAT and income tax evasion in payments for goods and services. This withholding would be a credit for businesses at the time of paying taxes, similar to the withholding on card payments. Currently, work is being done on a system that clearly differentiates between commercial and personal transactions.
SINPE-Mobile: New Tax Withholding
System Characteristics
- Commercial transactions only
- Withholding VAT and income
- Tax credit for businesses
Implementation
- Joint Treasury-BCCR development
- Differentiation transactions
- Card-like system