Costa Rica proposes a 13 % tax on cryptocurrencies. The Costa Rican General Directorate of Taxation proposes to collect the tax on cryptocurrencies equivalent to a 13 % value added tax (VAT) for the purchase of crypto assets.
Additionally, it is requesting to impose a tax in the order of 15 % for the profits obtained by people, for the cryptocurrencies traded for a value higher than those established by the exchange houses or exchanges.
The Central Bank of Costa Rica establishes that cryptocurrencies are not legal tender because they do not comply with the requirements established for currencies legally considered as money.
According to the President of Taxation; Carlos Vargas, cryptocurrencies are assets without physical representation and as such must be subject to the country’s tax regulations. “I believe that it is already clear that, for Costa Rican purposes, it is not currency, it is not money. What we are trying to clarify is what is the tax treatment that, according to current regulations, this type of assets will have.”
Tax on cryptocurrencies
The Costa Rican government has shown little interest in the crypto ecosystem, but a private study found that citizens “looked favorably on bitcoin.”
On his part, the director of the country’s Central Bank, Rodrigo Cubero, has expressed his disagreement, noting that cryptocurrencies are not considered viable to cancel taxes, and expressed that his institution maintains a position of “vigilant tolerance”.