Drop In Vehicle Imports Affects Tax Revenue Collection

The decrease in vehicle import last year has resulted in a contraction in the tax on vehicles sales collected by the government.
Image for illustrative purposes
Between January and November 2017, 65,668 new and used cars entered the country, 10,227 less than compared to the same period in 2016.
The situation has caused a deceleration in tax revenues, from 8.5% in the January to November 2016 period, to 5.4% for the same period in 2017, detailed Ministerio de Hacienda (Ministry of Finance).
The accumulated tax review from vehicle imports for the January to November 2017 period amounted to ¢230 billion colones (US$410 million dollars), while in the same period in 2016 it was ¢271 billion.
In 2016, taxes from vehicle imports accounted for 7.6% of the country’s total tax revenue,

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