Costa Rica: VAT Increase from 13% to 15%A bill that the government plans to introduce in the Assembly before the end of year includes transforming the sales tax and into a value added tax and gradually raising the rate from 13% to 15%.Thursday, November 13, 2014
This increase should be available within two years in order to "... stabilize the size of the gap between government debt and gross domestic product (GDP) from 2019 and safeguard macroeconomic stability. " Source: elfinancierocr.com Guatemala: Public Debt Exceeds 23% of GDPOctober 2018 Up to August, the external and internal public debt amounted to $18.463 billion, equivalent to 23.4% of the country's Gross Domestic Product. IMF on Costa Rica: "Unsustainable Fiscal Imbalance"December 2016 The favorable conditions in the global economy allowed the country to grow by 4.25% in 2016, and administrative efforts to reduce the fiscal deficit were noted, however they will not prevent the debt /GDP ratio from growing.
Costa Rica: Review of Tax ExemptionsNovember 2014 The Ministry of Finance is working on a bill that aims to review and eliminate tax exemptions that have no substantiated legal justification, and create a new regulatory framework. Costa Rica Announces Fiscal Consolidation PlanOctober 2013 On top of the adoption of VAT, global migration tax, and global income tax already announced in previous plans, there is now a containment cost to be added through adjustments to the State payroll.
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