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17th of January Last day of Luxury tax payment

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Juan Pablo Arias  06/01/2011 for La Nación

17th of January Last day of Costa Rica Luxury tax paymentOn Jan. 17th is the deadline for owners of luxury homes cancel the tax for 2011.

Francisco Fonseca, Director of Taxation, said that this year, the administration expects to receive at least ¢ 2,600 million for this purpose, which is below the target of ¢ 10,000 million, but consistent with the revenue in previous years.

He added that in November last year they had received only ¢ 3,300 million from the luxury home tax for a portion of 2009 (three months) and the accumulated throughout 2010.

This tax applies to residential use properties worth more than ¢ 106 million.Every three years, the taxpayer must file an affidavit to update the property value. If you already filed, only the amount required to be canceled in the calculation of tax.


People who do not comply with the declaration and payment of the solidarity tax are exposed to a penalty of ten times the amount of tax that is left to pay.

The foregoing is without prejudice to the tax authorities who can collect, in addition, the amount owed, along with other penalties provided in the Code of Tax Rules and Procedures, as interest and late payment charges.

If in 2009 the statement was made, but was not paid the tax this year, the penalty is 50% of base salary, which this year is equivalent to ¢ 158,100.


In the Legislature a bill that aims to reduce the amount of fines and penalties charged for evasion of tax is already presented.

If endorsed, who default on payment would be fined only with 25% of the debt.

With the passage of this law, the Administration begin the process of collection and enforcement for those who have not fulfilled their obligations due.

“It is the application of a sanction system more viable and favorable than the existing one, so the tax yield is improved and potential approaches its originally estimated,” said Fonseca.


The funds raised through this tax are transferred to the Housing Mortgage Bank (BANHVI) to add to the budget for housing programs.

In the early collections, made in 2009 and 2010, we obtained about 33% of projected. For the period from 2011, BANHVI expects a 21% less.

Read the original article in Spanish here.

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Ivo Henfling

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