70% of consumer spending is done using cash, 11% with other means of payment, 8% using debit cards and 7% by credit card.
Only 15% of commercial transactions in Costa Rica are made using debit or credit cards.The State of the Nation points out that although 14% of upper management "... has access to credit cards, payments made by that means only represent 7% of their resources used for consumption."
The legislation regulates bureaus which provide credit information for the public record.
In accordance with the "Law for the Regulation of Information Services Regarding People’s Credit History" offices that offer credit data should update their databases every month. In the instance where these companies leave uncorrected mistakes in an individual’s credit history for longer than 5 days, they will be fined the equivalent of between 100 to 500 minimum wages from the trade and services sector. The amount will depend on the severity of the offense, and shall be applied within the legal framework of the Superintendent of Financial Systems and Consumer Protection.
Costa Rican banks are reporting an increase in loans, specially for industry, services, commerce and home building.
Event though stats for the first half of 2009 do not report an increase in the credit balance of the banking system, "bankers forecast higher loan growth than predicted by the Central Bank in its macroeconomic program revision. The Bank estimated credit growth at 4.3% in Colones and 3% in U.S. dollars."
300 service stations will gradually phase out the acceptance of credit or debit cards as payment
The decision taken by the Employers and Distributors Association of Petroleum Adepetro, and the Salvadoran Association of Distributors of Petroleum Products is in response to reduced profit margins resulting from the application of the new formula for establishing the sales price .
Credit needs for the entrepreneurial sector in the country reached $ 245 million.
The figure comes from the study "Proposal of policy, strategy and action plan for implementation of micro-finance services in Panama", created by the Ministry of Economy and Finance, the Micro, Small and Medium Enterprises (Ampyme) and the United Nations Development Program (UNDP).
In late May there were 673,590 active credit cards, while in the same period in 2012 there were 609,357.
The balance of active cards also showed an increase of 17% compared with May 2012, according to a Panamanian Credit Association (CPA). "The balance went from $1.1114 billion to $1.3008 billion in May 2013, which represents 3.8% of total credit balances reported in the database", reported Elsiglo.com.
Memorandum on "Lifting of Bank Secrecy Making Serious Progress" and payment schedule for tax liabilities for November 2016.
From a Memorandum sent by Tezó and Associates:
As mentioned in our Tax Memo Number 11-16, the lifting of "Bank Secrecy" will come into effect from February 27, 2017, which consists of the SAT being able to require entities subject to the supervision and inspection of the Superintendence of Banks, Credit Unions, Nonprofit Micro Finance Institutions, to provide information on bank movements, transactions, investments, assets available or other transactions and services performed by any individual or legal person, entity or assets.The SAT will request such information in cases where there is reasonable doubt about activities or operations that warrant an investigation process.The aim generally is for the SAT to have a fiscal tool to check whether all income of an individual or legal entity, has paid the due taxes.
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