Costa Rica to delay tax overhaul

Costa Rica will delay plans to raise taxes by a year until 2017 as President Luis Guillermo Solis struggles to win support for measures to narrow a widening fiscal deficit, the head of the legislature’s Finance Committee said.

Solis, who took office in May after vowing not to implement new taxes before 2016, sent a bill to legislators this week aimed at tackling tax evasion.

Plans to present two additional bills turning the sales tax into a value-added tax and a separate bill to revamp the income tax scale will be delayed until 2016, said ruling party lawmaker Otton Solis.

Source: Bloomberg