Accounting in Costa Rica: standards, taxes and GoSoft
Accounting guide for Costa Rica: Ministry of Finance (General Directorate of Taxation), IVA 13 %, accounting framework, books, e-invoicing, tax returns and how to set up GoSoft.
Key facts
| Item | Detail |
|---|---|
| Tax authority | Ministry of Finance (General Directorate of Taxation) |
| Currency | CRC · Costa Rican colón |
| Tax ID | Cédula jurídica |
| Consumption tax | IVA · 13 % |
| Income tax | Income tax of 30 % on profits, with reduced rates for small companies. |
| Fiscal year | Calendar year since 2020 (previously October to September). |
| E-invoicing | Ministry of Finance electronic vouchers (invoice, ticket, credit and debit notes). |
Accounting framework
Full IFRS, adopted by the Association of Public Accountants; IFRS for SMEs for qualifying entities.
Chart of accounts
There is no mandatory chart of accounts: the company defines it according to its framework. GoSoft ships a base chart you can adapt.
Financial statements
In Costa Rica the four statements are presented with these names (GoSoft uses them in its reports and PDFs):
- Statement of financial position
- Income statement
- Statement of changes in equity
- Statement of cash flows
Mandatory books and records
Journal, General Ledger and Inventory and Balance book (or their electronic equivalents), with the supporting documents for every entry.
Periodic tax returns
Monthly VAT return, partial income tax payments and annual return.
What you need to know
- General VAT 13 % with reduced rates of 4 %, 2 % and 1 % for certain goods and services.
Taxes and withholdings in GoSoft
These are the reference taxes and withholdings GoSoft loads for Costa Rica. You adjust them in Taxes and withholdings (rate, minimum base and ledger account).
| Code | Name | Type | Applies to | Rate |
|---|---|---|---|---|
IVA13 | VAT 13% | VAT | sales and purchases | 13 % |
IVA4 | Reduced VAT 4% | VAT | sales and purchases | 4 % |
RET-RENTA | Income tax withholding · services | Income | payments to suppliers (withholding) | 2 % |
How to set up GoSoft for Costa Rica
In My company, choose the country Costa Rica and the currency CRC.
When you log in again, GoSoft shows Updating the accounting setup for Costa Rica: it codes the chart of accounts, loads the country's taxes and checks the settings. It happens only once.
In Chart of accounts → Options, review the coding and download the chart as a PDF for your accountant to approve.
In Financial reports → Taxes and withholdings, confirm the rates and choose the ledger account for each tax.
Record activity (manually or from the modules) and use Tax returns to prepare each period's drafts.
Rates and deadlines change. Before filing, confirm what is current at Ministry of Finance (General Directorate of Taxation) and with your accountant.