Nation cash provider
In its role as the Nation’s cash provider and oversight agent, Central Bank of Costa Rica has created a service to speed up tax collection through SINPE. This is useful for both the Government and Central Bank of Costa Rica, since funds may be credited in a safe and speedy manner.
The Tax Information and Liquidation Service (Information and Liquidation Service, ILI) was launched in 2001. This service is intended for the Government, Central Bank of Costa Rica and entities authorized to collect taxes, and it speeds up the process of liquidating funds received with the forms submitted by citizens when paying their taxes.
This service has not only improved fund movement from the various entities to the Government and Central Bank of Costa Rica from taxes collected, but it has also allowed authorities to obtain truthful and timely information to facilitate decision-making.
Timeliness in Service Use
• The Tax Information and Liquidation Service allows for a safe exchange of information among collecting entities, the Ministry of Finance, and Central Bank of Costa Rica.
• Taxes collected are paid to the Government and Central Bank of Costa Rica, while entities are authorized by the Ministry of Finance for tax collection in exchange for a fee.
Advantages
• The procedure allows the Government to obtain liquidity in a simple, timely fashion
• Funds from tax collection are easily moved
• Availability of information on tax collection is maximized
• The procedure is speedy and safe.
Schedule
Entities authorized for tax collection receive the forms on day 1, and transfer them electronically the following working day from 8:00 a.m.-2:00 p.m.
The time for fund liquidation is 2:30 p.m.
Related Documents
• System of Payments Regulations (spanish)
