QCOSTARICA — Paying for fried chicken or a pizza is simple via SINPE, the national electronic payment system, that can be made from mobile telephone or tabet. Using SINPE to pay for daily purchases are now part of the routine.
However, the Ministerio de Hacienda (Ministry of Finance) is losing out on tax revenue on commercial transactions. Thus it has begun to pay special attention to payments made through SINPE, particularly those directed to businesses.
According to the ministry, the State is losing out in the collect of important sums corresponding to the Impuesto al Valor Agregado (IVA) – value added sales tax and the corresponding Income Tax.
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Many businesses fly under the tax radar, using the SINPE loophole to collect payments for the sale of merchandise and services.
Nogui Acosta, Minister of Finance, confirmed that they are in the final stage of designing a plan to modify the Central Bank’s platform.
This change would allow payments made by SINPE to businesses to include the automatic IVA withholding, a mechanism that already operates for transactions made with debit and credit cards.
“Currently, when you pay with a card, a direct withholding is applied to the business. In the case of SINPE, this system does not exist,” explained the minister.
According to Acosta, some businesses have been using this loophole to avoid issuing invoices for sales made, allowing them to declare less income and, consequently, pay less tax.
“The lack of a withholding tax in SINPE (transactions) has made it easier for certain companies to fail to report payments received. This represents an unfair benefit for them, but a detriment to tax collection.”
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The minister said that this measure could be implemented in 2025, although it is still under analysis. The objective is to ensure that both the platform and users are not affected.
Acosta was emphatic in pointing out that this is not a new tax, but rather an existing IVA deduction mechanism. In addition, he clarified that transactions made through SINPE Móvil between people for non-commercial purposes will not be subject to this withholding.
“It is important to note that if someone transfers money to a family member or makes a personal payment not related to commercial transactions, there will be no impact. However, in cases where an invoice is generated, the withholding will apply,” stressed the minister, who also explained that this does not require the approval of a legislative bill.
Several retailers who spoke to the Q anonymously said, collectively: “It would definitely impact us since a lot of people rely on and enjoy using Sinpe. It would mess with business, just like those annoying taxes on cards”.
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