Costa Rica: VAT Increase from 13% to 15%
Thursday, November 13, 2014
A bill that the government plans to introduce in the Assembly before the end of year includes transforming the sales tax and into a value added tax and gradually raising the rate from 13% to 15%.
This increase should be available within two years in order to "... stabilize the size of the gap between government debt and gross domestic product (GDP) from 2019 and safeguard macroeconomic stability. "

The document issued by the International Monetary Fund (IMF) said that "... It is crucial that we adopt without delay the Value Added Tax (VAT) applying differentiated rates for basic foods, health services and education, because improvements to tax administration and the expenditure cuts being considered are insufficient. "

Elfinancierocr.com reports that "... In addition, if VAT and global income are adopted, the IMF says it would be advisable to make a third tranche of the fiscal adjustment needed in 2015 (1.25% of GDP) and make smaller steps in the next four years. "

Source:elfinancierocr.com
Source:elfinancierocr.com
More on this topic
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