TREASURY SECRETARY OF COSTA RICA
Shareholders and Access to Information
| In Costa Rica, the Constitutional Chamber ruled in favor of the Observatorio Ciudadano de Transparencia Fiscal, an institution that filed an appeal to obtain information on how many individuals appear as owners of shares.
Debt Market: Plans in Costa Rica
| In addition to the $1,750 million that the government is seeking to obtain through the loan it is negotiating with the IMF, during the four years between 2022 and 2025 the country plans to place $4,000 million in foreign debt bonds.
Debt: Costa Rica Exchange of $130 Million in Debt
| During February 8 and 9, the Ministry of Finance was able to renegotiate close to $130 million corresponding to maturities of domestic debt securities for the years 2021 and 2022.
Intervention in the Stock Market
| Arguing that there is a temporary need for liquidity in colons, on October 26 the Central Bank of Costa Rica decided to participate in the secondary market by buying two different series from the Ministry of Finance, with a maturity of 9 and 10 years.
Cargo Transport: Nicaragua Closes Border
| After Costa Rica, with the intention of mitigating the spread of the covid-19, decreed restrictions on cargo transport units entering its territory, the Nicaraguan government ordered the closure of the Peñas Blancas border post.
Costa Rica Postpones Eurobonds to 2021
| Treasury authorities announced that plans for this year are to negotiate with the Legislative Assembly for approval to issue debt in the international market, and if approved, the issuance would take place in 2021.
Electric Bicycles: Booming Business in Costa Rica
| Because the cost of electric bicycles is considerably lower than other types of electric vehicles, the number of units imported into the country has increased exponentially in recent years.
Debt Plan and Fiscal Uncertainty
| To ensure financing for its future functions, the Costa Rican government will seek loans from the World Bank, IDB, CABEI and CAF during 2020, and plans to insist on the approval of $4.5 billion in Eurobonds.
Costa Rica: VAT on Digital Services
| In Costa Rica, the Ministry of Finance proposes to apply VAT to services such as Netflix, Airbnb, Tinder, Skype, PlayStation Network and advertising on social networks, among others.
Costa Rica: Government Urges to Issue More Eurobonds
| The Ministry of Finance plans to present a new bill in the Legislative Assembly to issue $4.5 billion in foreign debt bonds next year.
High Debt Limits Public Investment
| The proportion of public debt to GDP is about to reach 60%, the maximum limit allowed by law, which will force the government to restrict capital spending in the coming years, in order to avoid further deterioration of public finances.
Banks Win Tax Lawsuit
| In Costa Rica, the banking sector won a lawsuit it imposed against the Ministry of Finance, arising from disagreements over the method used to calculate tax payments.
Electric Cars: Incentives Increase Demand
| With the tax benefits granted to the import of electric cars, the number of units entering Costa Rica went from 40 in 2017 to 350 in 2018.
Changes in Proposed Vacation Rental Taxes
| A 3% additional to the 13% VAT that was expected to be charged in Costa Rica as a tax on accommodation services provided through the Airbnb platform and other similar platforms was finally removed from the bill being discussed in the Legislative Assembly.
Shareholder Registration Postponed
| Because of doubts that have arisen in the business sector, in Costa Rica it was reported that the start of shareholder registration was postponed six months and will enter into force on September 1 of this year.
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Treasury Secretary of Costa Rica
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