A Ferrari declared for a fraction of its real value has become the poster case for a customs loophole that Costa Rica’s vehicle importers say is bleeding Costa Rica of millions in tax revenue. In a separate case, a Ferrari’s undervaluation created a tax shortfall of more than sixty seven million colones, or roughly one hundred thirty five thousand dollars. Under the new system, importers simply self-declare a vehicle’s value, and Customs calculates taxes from that figure. One widely cited case involved a two thousand twenty five BMW X6 M declared at just over seven thousand dollars despite a real Costa Rican market value near one hundred ninety five thousand dollars. Costa Rica recently unveiled a package of twenty four measures aimed at strengthening tax collection and cracking down on evasion and smuggling without creating new taxes.