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 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. "

¿Busca soluciones de inteligencia comercial para su empresa?

More on this topic

S&P Downgrades Nicaragua

November 2018

Arguing that the country's fiscal and financial profiles have weakened, Standard & Poor´s downgraded from B to B- the negative outlook for Nicaragua's foreign currency debt.

The negative outlook reflects a greater than one of every three probabilities of a downgrade in the next 12 months because of possible additional pressure on the balance of payments or the domestic financial system in dollar terms, given the government's limited foreign exchange financing options.

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.

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 “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."