The Costa Rican National Assembly approved the Association Agreement between the United Kingdom of Great Britain and Central America, which protects commercial relations between both economies within the framework of the Brexit process.
Approval of the "Agreement Establishing an Association between the United Kingdom of Great Britain and Northern Ireland and Central America" was approved in the second debate, the Legislative Assembly reported last October 28.
With the legal framework approved in Costa Rica, which regulates the provision of tourist rental services in housing through digital platforms, Airbnb executives anticipate a considerable drop in the number of hosts in the country.
On September 5, the Legislative Assembly reported that file 20865, the framework law for the regulation of non-traditional hosting and its intermediation through digital platforms, was approved for the second debate.
In Costa Rica, the bill to regulate the provision of tourist rental services in housing through digital platforms, which includes a 13% tax and would require suppliers to register, which would make this accommodation option more expensive.
The deputies approved in their first debate, file No. 20,865 Framework Law for the regulation of non-traditional hosting and its intermediation through digital platforms, reported the Assembly on August 28.
Businessmen regret the fact that in Costa Rica is constant the creation of new taxes, fees and canons as an easy and quick solution to problems affecting the country, such as the bill that seeks to tax the use of plastic.
Project No. 21159 "Law to solve the contamination of plastic waste", which was presented to the National Assembly by the deputy of the ruling party Paola Vega, contemplates the collection of a tax for the importation or nationalization of plastic inputs, for selling or consuming articles of this material.
In order to guarantee the continuity of trade relations between Costa Rica and the European country, the agreement must still be approved by the Legislative Assembly and published in the Official Newsletter before October 31st.
Not considering the costs of the collection process, nor market conditions, are some of the failures that banks identify in the bill being discussed in the Legislative Assembly of Costa Rica.
The Legislative Assembly approved in first debate the issuance of $1.5 billion in debt securities in the international market, which in the opinion of the rating agencies, helps to reduce uncertainty about the government's ability to meet its financing needs.
The Treasury Department's initial plan was to issue $6 billion within six years, however, the committee in charge of the file modified the text so that the limit would be $1.5 billion.
In Costa Rica, the Legislative Assembly ratified the ban on the import, marketing and distribution of expanded polystyrene containers, better known as styrofoam.
With the approval in Second Debate of file 19.833 "Addition of an article 42 bis, a paragraph d) to article 50 and the transitory XIII, XIV and XV to the Law for the Integral Management of Waste, No.
A 3% additional to the 13% VAT that was expected to be charged in Costa Rica as a tax on accommodation services provided through the Airbnb platform and other similar platforms was finally removed from the bill being discussed in the Legislative Assembly.
Bill 20.865 for the regulation of non-traditional hosting and its intermediation through digital platforms, which is discussed in the Legislative Assembly and determines the taxes to be charged for the activity, will be modified by the Economic Affairs Commission.
In Costa Rica, a law project proposes to disable construction companies that do not comply with contracts with state entities for a period of five years.
The proposed law is analyzed by the Economic Affairs Committee of the Congress, and according to representatives of the Ministry of Public Works and Transport (MOPT), if approved, the law would allow sanctioning construction companies that do not complete the works agreed with the State.
In Costa Rica, the Alvarado administration will ask the Congress for authorization to issue Eurobonds in international markets for at least $5 billion.
The Finance Minister, Rocío Aguilar, reported on November 20 that the country's public debt plans include the possibility of attracting more resources in the international market. One of the alternatives would be to place $5 billion in the next four years.
In Costa Rica, the business sector is optimistic about the positive opinion given about the dual education law initiative by the Congress commission in charge of the issue.
On November 15th, the Commission of Science, Technology and Education in the Congress approved the Dual Education Law, which has as one of its main objectives to incorporate students into the labor market.
In Costa Rica, an additional $12 million was approved for the construction project of the new Legislative Assembly headquarters, and part of the resources will be used to cover change orders in the construction of the building.
According to official documentation, ₡2.526 million ($4 million) will be used to fulfill change orders in the building's construction, ₡1.522 million ($2.4 million) were requested for exchange rate differential increases, ₡1.016 million ($1.6 million) for interest rate increases on loans granted and ₡2.589 million ($4.1 million) for working capital.
In Costa Rica a law proposal pretends to reduce by 50% the bank fees on loans for businesses and SMEs, as well as credits for social housing and lower class.
The law project, which was presented to the Congress by the representative, Yorleny Leon, aims to reduce fees in the formalization of bank loans, which currently range between 8% and 10% of total credit.
The business sector welcomes the progress achieved with the tax reform approval in the first debate, but notes that it does not fully solve the financial problems facing the government.
In the debate last Friday, the representatives approved the file number 20.580, known as the tax reform law. The approval was optimistically received by the Costa Rican Union of Chambers and Associations of Private Business Sector (Uccaep). However, they affirm that several adjustments should be made to public spending to achieve long-term solutions.
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