From a press release issued by the Costa Rican Union of Chambers and Associations in the Private Business Sector (UCCAEP):

The Costa Rican Union of Chambers and Associations of Private Business Sector (UCCAEP) is urging MPs to approve, as soon as possible, the bill which levies a 30% tax on interest earned on speculative capital, which was ruled on in February by the Committee on Financial Affairs.

"As a productive sector we believe it is necessary and urgent to approve the plan so as not to affect the country's stability, to avoid excessive increase in inflation and not affect competitiveness and job creation," said Jaime Molina, UCCAEP's president, because of the pressures created by the entry of foreign capital into the economy last year and early in 2013.

More on this topic

Costa Rica: Tax Discretion for Central Bank

March 2014

The mere name of the bill approved by Congress "An Act to Discourage Entry of Capital from Abroad" reveals how dangerous this regulation could be for the Costa Rican business climate.

An article in Nacion.com reports that "...This bill was submitted to Congress a year ago, promoted by the Government, after the central bank detected a wave of speculative capital attempting to take advantage of interest rates in the country and then take it abroad."

Costa Rica: Uncertainty Over Exchange Rate

February 2014

The business sector is drawing attention to the fact that the Central Bank has not been clear in its explanations of the causes of the recent rise in the dollar.

Jaime Molina, president of the Costa Rican Union of Chambers and Associations of Private Enterprise at the Central Bank has complained about a lack of clarity in the explanations given for the causes of the recent rise in the exchange rate.

Entrepreneurs in Favor of Value Added Tax

February 2013

The Costa Rican Union of Chambers and Associations of the Private Business Sector is proposing that the current sales tax becomes the Value Added Tax.

A statement from the Costa Rican Union of Chambers and Associations of the Private Business Sector (UCCAEP) reads:

- Production sector indicates that the bill to limit capital inflows is necessary but not sufficient.

Costa Rica: Proposal to Tax Remittances Sent Abroad

January 2013

Representatives of business associations have proposed ten measures to prevent the entry of speculative capital into the country and to provide flexibility to the exchange rate without local currency appreciating.

Elfinancierocr.com reports that "Business representatives this afternoon delivered a plan with 10 steps to curb the heavy influx of foreign capital", among which was "a tax on speculative capital inflows, in addition to promoting a specific tax on remittances sent abroad, of 5% for national banks and 5% for ‘suitcase’ banks".