Costa Rica Should Increase Taxes
The World Bank recommended the country to increase its taxes, because they are insufficient to cover its high level of public spending.
Wednesday, July 8, 2009
The coordinator at the International Development Bank, Ana Lucía Armijos, indicated that Costa Rica uses 17.3% of its gross domestic product to social spending. After Argentina, Brazil, Chile and Uruguay, it is the country that invest the most in this area.
The institution is once again emphasizing more efficient public spending and making cuts before a fiscal adjustment comes into force, in a form that is "draconian and with emergency measures".
In the first five months of 2010, the fiscal deficit was $670 million, 86% more than the same period of 2009.
The Government is requesting approval of a new tax package, for financing increased spending by the State.
A mission from the IMF asked the Honduran government of President Manuel Zelaya to control its spending on salaries for officials and to increase social investment.
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