The government is preparing a bill for the Assembly to authorize a debt issue on the international market next year.
The Ministry of Finance is considering raising money abroad in order to avoid pushing interest rates up in the local market.If the Legislative Assembly approves the bill, the government will turn to the international market to raise the 1.2 trillion colones that it needs to pay for domestic debt securities due next year.
The bill against tax fraud authorizes the Ministry of Finance to return up to 1% of sales tax paid by final consumers.
The return of that percentage, which would be a maximum of 1% of the general sales tax, would be subject to ranges and types of trading activity, as explained in the Bill to improve the fight against tax fraud.
The Government is once again bringing to the table the concept of global income, to force tax residents in the country to declare and pay taxes on profits earned abroad.
The Ministry of Finance has announced that"... they are working on a substitute text to a reform of income tax, which would mean a profound change to the initiative which is in Congress."This proposal is for tax any income generated from commercial activities outside of Costa Rica, by those tax residents who stay at least 183 days a year in the country.
The scanners donated by the Chinese government to Costa Rica are part of the herd of white elephants which abound in Central America, objects defined as "things that are expensive to maintain and have no use".
Fitch, Moody's and Standard & Poor's are once again warning of the need to generate more revenue and cut public spending in order to avoid "negative consequences for ratings."
On average agencies provide a period of 12-18 months for the fiscal deficit and public debt to stabilize, while clarifying that "... the presentation of tax reforms is not enough to ensure a good perspective for the country. " The ratings by the agencies are a guide especially for those making foreign direct investments.
As part of a plan to reduce the fiscal deficit, the Finance Ministry is preparing a bill which aims to amend the existing tax exemptions scheme.
This project also seeks to create penalties for 1,259 misuse of tax breaks reported by the Technical Services Department up until 2014. It is anticipated that the initiative will be submitted to the Legislature in no more than two weeks.
The Ministry of Finance has postponed until December 1 the beggining of the 2% tax which will be retained by financial institutions on card transactions.
The aim of this extension is to give banks more time to adapt their systems and make adjustments seeing as they are the entities that must make the retentions.
The Ministry of Finance intends to lower the minimum amount of the value of illegally imported goods which would incur criminal penalties for smuggling from $50 thousand to $10 thousand.
Deputy Minister of Revenue, Fernando Rodriguez, told Ameliarueda.com that the draft reform law, "...
While the budget increases, the Solis administration is requesting World Bank loans to cushion the public debt, transferring the weight of the expenses to future Costa Rican generations.
EDITORIAL
The Ministry of Finance has asked the multilateral technical assistance agency to analyze the country's debt policy and for an additional loan, the amount of which is still unknown, in order to pay part of the interest on the state's current debt.
The Ministry of Finance is preparing a bill that would require filing an income tax statement before applying for a loan from a bank.
The purpose of this initiative against tax evasion is for the Ministry of Finance to "... have the same status as the Costa Rican Social Security Fund (CCSS), ie that people must be up to date with payments to the institution in order to make arrangements in the public sector. "
The Ministry of Finance of Costa Rica is contemplating lifting bank secrecy for large contributors who declare minimal gains or losses on their tax returns.
Crhoy.com reports that "... after finding an increase in the number of companies reporting losses, the Large Taxpayers Department began implementing a new methodology for that group and found evidence that there may be information unreported by companies. "
The new system proposed by the government will include all professionals who create invoices and not only those who work freelance, as had been mentioned in the current project so far.
The pilot project implemented by the Directorate General of Taxation in 2013 will cease to be effective as of now, as will the software and systems that were purchased for its deployment last year. The Ministry of Finance has decided to discard the work done by the previous administration and start a new project for mandatory electronic signatures from scratch.
Replacing Sales Tax with VAT, applying a system of global income and maintaining exemptions in free zones are part of the projects being prepared by the government.
With the three projects he plans to introduce in the Legislature, the Executive leader intends to increase total tax revenue to 2% of GDP in two years and completely eliminate the primary deficit, which at the end of 2013 was 2.8% of GDP.
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