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Costa Rica’s fiscal deficit, highest in region, reflects need for fiscal reform

Wednesday, December 22, 2010


The Finance Ministry reported that the fiscal deficit would finish the year at 5.3 percent of gross domestic product becuase government spending grew 15.1 percent during the first 11 months of the year.
 
Through November, the Costa Rican deficit was calculated at $2.32 billion.
 
The Finance Ministry’s tax reform proposal would consist of a 15 percent value-added tax and a fixed-rate tax of 15 percent for interests, dividends, capital earnings and rent.
 
Original source: Tico Times