Costa Rica: Tax Collection Drops

A drop in the collection of sales tax revenue by customs offices and of the internal sales tax confirms a drop in consumption by households and firms.

Wednesday, March 20, 2013

The decline in imports during the last year, caused a drop in sales tax revenue in customs, which in February, had a real decrease of 1.39% compared to the growth of 18.3% in the same period in 2012, according to calculations made by La Nacion using data supplied by the Ministry of Finance and the Central Bank.

The article in Nacion.com reports that "The lower consumption of households and businesses in the last year weakened the collection of sales tax because this tax went from a real annual increase of near to 10.8% in February 2012, to 2.2% in the previous month, according to the Ministry of Finance. "

"... The slowdown is significant because this tax is the main indicator for the rate of private consumption. When this tax revenue grows, it reflects increased consumption and vice versa. In fact, the lowest growth began to manifest in October 2011, when an annual rate that even exceeded 15%, began to decline. "



More on this topic

El Salvador: Excessive Government Spending

December 2014

The National Foundation for Development is predicting better economic performance in 2015 driven by FOMILENIO projects but warns of the need to adjust public spending.

From a statement issued by the National Development Foundation (FADE):

In 2014 the low growth in economic activity persisted.

Costa Rica's Fiscal Deficit: Official Projection Falls Short

March 2013

Costa Rica could have a greater fiscal deficit than the 4.8% estimated by the Central Bank for this year, reaching 5.1% of GDP.

According to the Fiscal Studies Program by the School of Economics at the National University of Costa Rica, this projection was based on total tax revenues increasing by 8.7%, taking into account a lower tax income and Customs taxes (due to a fall in imports) and also an increase in total expenditure of 11.5%.

Guatemala: Tax Collection down 8.3%

July 2009

In June, the government revenue superintendency collected $1.99 billion, less than the $2.17 billion for the same period of 2008.

Rudy Villeda, who heads the government revenue superintendency (Superintendencia de Administración Tributaria, SAT, in Spanish), indicated that preliminary figures put revenue for the month of June in $286 million.

Tax Revenues Decrease by 12.1% in El Salvador

April 2009

Up to and including February 2009, tax collection was $436.8 million, compared to $497 million during the same period last year.

The head of the area of macroeconomics for the Salvadoran Foundation for Economic and Social Development, Álvaro Trigueros, informed Elsalvador.com: “The reduction in tax revenues comes from lower collection of the Value Added Tax (IVA), which decreased by $53 million, while import taxes were down by some $10 million. The decline in imports is related to falling oil prices, lower tariffs and generally to a lower economic growth."

 close (x)

Receive more news about Economic outlook

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Professional ink refill franchise for sale

Ink and toner refills with latest generation machinery exclusively for the franchisee in Central America, investment opportunity with fast return.
Ink and toner refills with latest generation machinery...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Jan 15)
Brent Crude Oil
55.15
Coffee "C"
129.8
Gold
1,830
Silver
24.849