The bill against tax fraud authorizes the Ministry of Finance to return up to 1% of sales tax paid by final consumers.
The return of that percentage, which would be a maximum of 1% of the general sales tax, would be subject to ranges and types of trading activity, as explained in the Bill to improve the fight against tax fraud.
In April 2016 the balance of the credit card debt was $1.688 billion, 15% more than in the same period in 2015.
From a statement issued by the Ministry of Economy, Trade and Industry:
The study with a cut off date of April 30 determined that the balance of debt is 908.149 million colones ($1.688 billion) (3.02% of GDP), which represents an increase of 1.27% compared to the previous study (January), while the yoy increase was 15.4%.
45% of Costa Ricans prefer to pay with cash than use debit cards, despite the fact that nearly 8 out of 10 possess this means of payment.
According to the latest study by the World Bank (WB), 53.6% of people over 15 years old in Costa Rica have at least one debit card, placing the country in fourth place in Latin America, just behind Brazil , Puerto Rico and Chile.
Between December 2013 and December 2014 loans to cardholders increased by 27% while the number of inhabitants having possessing at least one card reached 800,000.
At the end of 2014 it was reported that 800,000 Nicaraguans who are cardholders have on average two credit cards. In the same period, the banks of the National Financial System approved a total of 810,000 loans with credit cards, and reported that about 45% of all registered purchases were paid for using plastic money.
The union of restaurants in the country argues that tipping does not count as part of their profits and are asking for them to be exempt from the 2% retained on card payments by way of advance payment of income.
At the moment the Ministry of Finance is evaluating the request by the Costa Rican Chamber of Restaurants, since according to representatives of this guild more is retained from them than from other stores.
Bankers and businessmen are pressuring the government to remove the guideline which aims to retain 1.77% of each transaction as advance payment of income tax, scheduled to start on December 1.
The private sector argues that "...The decision of the Directorate General of Taxation (DGT) ignores the fact that neither card issuers nor financial institutions in the country can be considered as 'withholding agents' as this must be defined by the appropriate Act. "
All banks in Panama must have integrated circuit technology by December 20, 2014, with an option existing to take an additional three months, until March 2015.
Debit and credit cards must have a microcircuit or chip system which provides more security and more storage of user information with the aim of "... Checking by means of cryptographic procedures, that the card and point of sale where it is used are valid, before carrying out electronic banking services. "
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