Costa Rica's Legislative Assembly is considering Bill 22.026, which was presented on 9 June 2020 and provides for a VAT exemption on medicines, as well as the raw materials, reagents, equipment, etc. used for the production of medicines.
The Legislative Assembly is also considering Bill 22.029, which was presented on 11 June 2020 and provides for the extension of the VAT exemption for the basic basket of goods and services for an additional year to 30 June 2021. Under the current transition for VAT, a 1% rate would apply from 1 July 2020. Bill 22.029 expands upon an earlier draft bill for an extended exemption and includes the elimination of the income tax exemption on certain bonuses paid to the public servants, which would serve to offset the fiscal impact of extending the basic basket exemption.
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.