Costa Rica: Tax Figures Up to January 2018

At the end of the first month of the year, total expenses grew by 7.8%, while tax revenues increased by almost 9%.

Wednesday, February 21, 2018

From a statement issued by the Ministry of Finance:

At the end of the first month of 2018, the deficit was 0.6% of production and the primary deficit (income and interest-free expenditure) stood at 0.4% of GDP. Both deficits coincided in the same figure observed in January 2017. This behavior demonstrates the urgency of having a structural solution to the fiscal problem that the country has been facing for years.

See: "Complicated economic scenario for 2018"

Tax revenues grew by 8.8% at the end of January 2018, compared to the same month in 2017, going from ¢343,836 million to ¢374,171 million, respectively. Growth of tax revenues maintained its slight acceleration, when compared to the one experienced in January 2016, when it reached 8.4%.

See also: "Fiscal deficit, interest rates and mismanagement"

In terms of income structure, growth was due to the variation experienced by income and profit taxes (5.4%), property taxes (69.3%) and taxes on goods and services (6.2%).

The items that were the most responsible for the variation of taxes on income and profits related to the tax on wages, pensions and retirement, as well as to the tax on profits of legal persons.

Read full release (in Spanish).

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