Mechanism to withhold tax payment by Sinpe will be for commercial transactions

New mechanism will withhold taxes on commercial payments via SINPE-Mobile, differentiating between personal and commercial transactions.

Published on

05/11/2024
Taxes, News

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

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Tel. 2519-9992

WhatsApp. 7065-9706

Email. info@ics.cr