Costa Rica continues to have fiscal surplus

At the close of July there was a budget surplus of $271 million in spite of the economic slowdown.

Wednesday, August 20, 2008

This is because there has been a reduction in tax evasion, according to reports from the Minister of Finance, Guillermo Zuniga.
The Minister said that earnings from taxes grew by 25.8% in the first seven months of the year, the same period in which Costa Rica has felt the effects of the economic difficulties in the United States, its main trading partner.

More on this topic

Nicaragua: Tax Revenue Grows 10% Each Month

May 2010

If this trend is sustained, 2010 would close with a $40 million surplus over the projected revenue.

“This difference would be more than enough to pay for the salary increase of 529 cordobas ($25) for all state employees”, argued economist Adolfo Acevedo.

Acevedo remarks that Ortega unnecessary complicated the situation by creating a parallel budget for funding the $25 increase.

Panama Maintains Fiscal Surplus

February 2009

At the 2008 closing and for the third consecutive year, the financial balance of the state had a positive balance.

Prensa.com publishes: "The fiscal surplus of last year was $97.8 million, 585.2 million less than that of 2007."

"Measured as a proportion of the gross domestic product (GDP), the surplus grew from 3.5% to 0.4% in that period (see graphic).

No tax reduction in Costa Rica

December 2008

Guillermo Zuniga, Minister of Finance, has ruled out lowering taxes as a way of stimulating internal production, as this would increase the fiscal deficit.

According to nacion.com, "Zuniga prefers to motivate production by increasing public investment, even though he recognizes that the main challenge is to carry out the works as fast a possible.

Costa Rica records US$230 million first-half surplus

July 2008

Boosted by a 25 percent increase in tax income, Costa Rica's government recorded a US$230 million surplus for the first half of the year.

"This is very good news. The surplus is four times what is was in the first half of 2007," Finance Minister Guillermo Zúñiga told a press conference.

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