In Costa Rica a bill has been presented in the Legislative Assembly that proposes establishing a tax of $1 on every box of pineapples exported.
If the initiative by Deputy Gerardo Vargas Varela from the Frente Amplio party prospers, the tax of $1 for each box of pineapples exported would be similar to the one charged, since 1971, on exported boxes of bananas.
The trust that the government of Costa Rica created to support coffee farmers afflicted by rust has now been capitalized by Congress.
An article in Prensalibre.com reports that "The Congress of Costa Rica passed on the second and final debate yesterday a special government budget of about $126 million, which includes $40 million to combat coffee rust and help producers. "
President Chinchilla has asked the central bank to reconsider the current policy of quantitative limits on credit growth.
Nación.com reported that the president's main argument is that "the outlook for the economy in the country is different from that faced in January."
The president said that "the level of inflation is within the central bank's target, interest rates have been reduced by more than four percentage points, the growth rate of the national and international economy has declined and capital flows which were affecting us have declined substantially, for those reasons I believe that there is scope to review and revise the policy adopted at that time. "
A bill in Congress could expand the state monopoly held by Recope to the LNG market.
Nacion.com reports: "The initiative was presented by five members of the Citizen Action Party (PAC by its initials in Spanish), with the intention of safeguarding the hydrocarbon, taking into account a legal loophole which could leave it outside of state control. If the law reform comes to fruition it would create a monopoly on liquefied natural gas, just as with other fuels. "
The bureaucratic requirements contained in a bill advancing in Congress would continue to hamper access to credit for entrepreneurs.
A few days ago Congress ruled on the Law for Strengthening Development Banking, under which sureties are not required, interest would be low and deadlines for payment would be longer. However, among other things, entrepreneurs who wish to take out a loan would be required to take a training course at the National Training Institute (INA by its initials in Spanish) in order to get a certificate which would allow them to make the appropriate application.
Costa Rica's Congress has approved a bill that seeks to exempt deposits used to finance long term housing loans from requiring a minimum legal reserved amount.
From a press release by the Legislative Assembly of Costa Rica:
The plenary legislature passed on its second and final debate with the support of 23 MPs bill number 17809, addition to Law No. 7558, the Law on the Central Bank of Costa Rica, to exempt from requiring minimum reserve amounts, deposits and revenues used to finance long term housing loans .
Straddling two administrations, Costa Rica has a huge task ahead of it in terms of institutional adjustments, taxes and regulations, in order to be a candidate for membership in 2015.
Elfinancierocr.com reports that Costa Rica "is being forced to take on a series of standards and policies of the highest level that the Organization for Economic Cooperation and Development (OECD) requires its members".
To complete the integration process the Costa Rican Congress must ratify the FTA with Colombia and the framework agreement of the Pacific Alliance.
"... President Laura Chinchilla yesterday began a race against time, as she wants by the end of her term, to make Costa Rica's integration into the trade bloc a reality", reported Nacion.com.
The president received approval for the country to start the process of joining the economic forum.
Costa Rica has yet to ratify the Madrid Protocol, an international standard resisted by lawyers who would see less participation in registration processes.
In an article in Elfinancierocr.com Gabriela Miranda states that "the increase in countries who have adopted this paper has generated an international tide in trademark registrations which, thanks to the Protocol, are protected in an expeditious manner and at a low cost, increasing trade relations".
In order to reduce electricity rates, tax exonerations will be given on fossil fuel imports by the Instituto Costarricense de Electricidad.
In the next few days a bill will be submitted to Congress for the Instituto Costarricense de Electricidad (ICE) to be able to buy oil without that meaning rate increases. "We believe that this should be tax exempt because the fuel is purchased to generate electricity and people eventually will buy it back and pay tax on it again, ..." said Congressman José María Villalta.
A bill to authorize geothermal exploitation in an area which has been declared a national park should include reform of several other laws which currently prevent such activity.
So warned Jorge Cabrera, an expert in environmental law, during the debate entitled "Scope for reform to generate geothermal energy in national parks," organized by Nacion.com.
Lawmakers voted so that no journalist, citizen or public official should again feel afraid of filing complaints of corruption.
It is no longer a crime to publicise and disseminate information of public interest, nor is collecting, copying and use of information by financial institutions supervised by Sugef.
From a press release from the Legislative Assembly of Costa Rica:
The establishment of a new tax at Costa Rican boarders on people and goods has halted approval of the Association Agreement with the European Union.
A new tax of $5 per person passing the through border posts and $25 for each bill of goods moved through customs, has been rejected by congressmen who oppose the approval speed of the association agreement (AACUE by its initials in Spanish).
The business sector is calling on Congress to pass the bill which charges a 30% tax on interest gained by speculative capital.
From a press release issued by the Costa Rican Union of Chambers and Associations in the Private Business Sector (UCCAEP):
The Costa Rican Union of Chambers and Associations of Private Business Sector (UCCAEP) is urging MPs to approve, as soon as possible, the bill which levies a 30% tax on interest earned on speculative capital, which was ruled on in February by the Committee on Financial Affairs.
Businessmen are calling on the Congress of Costa Rica to urgently approve the Electrical Contingency law in order to curb rising electricity rates.
From a press release issued by the Costa Rican Union of Chambers and Associations in the Private Business Sector (UCCAEP):
The Costa Rican Union of Chambers and Associations of Private Business Sector (UCCAEP) is urging MPs to approve the Contingency Electric initiative , recently delegated by Victor Emilio Granados, president of the Congress Committee for Agriculture Affairs and Natural Resources of the Legislature, so that there will be more entities generating renewable and low cost electricity.
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