Wednesday, 3 June 2020

Costa Rica Proposes A Tax On ATM Transactions

cajeroQCOSTARICA – The current administration continues looking for ways to fill its cash strapped coffers. The latest proposal: ATM transactions.

Legislator and former presidential candidate for the Movimiento Libertario party, Otto Guevara, says the government is planning to tax every automated teller (ATM) transaction over ¢100.000 colones (US$190).

The legislator says that law No. 19.959, called Ley para el Desarrollo Regional de Costa Rica (Regional Development Act of Costa Rica), will create a regional development fund. But how will be it financed?

Article 39 fo the bill, according to Guevara, would establish a 0.02% tax on the total amount of electronic transactions over ¢100.000 moved through the  Sistema Nacional de Pagos Electrónicos (Simpe) – the national electronic payments system, that includes ATMs.

- paying the bills -

“This project will impoverish more Costa Ricans. Another consequence of this proposal of the Executive is the ‘desbancarización’ (unbanking?) of many people…Libertarians will always be against more taxes,” said Guevara.

The legislator explained that many, to avoid paying the tax will use cash instead without resorting to the financial system. “They may even keep their home at home,” said Guevara.

The government’s proposal also calls for an annual review of the tax, based on the annual inflation.


- paying the bills -
- paying the bills -
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Doctors call for urgent voluntary quarantine in Nicaragua

(AFP) Nicaraguan medical unions on Monday called on the population to...

Controversy in Colombia over the arrival of the US military

The arrival of US troops in Colombia has always caused controversy...


Coronavirus in Costa Rica: 1,000!

(QCOSTARICA) The Minister of Health, Daniel Salas, on Thursday, confirmed 16 new cases of the coronavirus in Costa Rica, bringing the total of infections...

Eruptions in Rincón de la Vieja volcano rose up to 2,000 meters above the height of the crater

The Rincón de la Vieja volcano, located between the cantons of Liberia and Upala, made two eruptions Monday, June 1, that reached 2,000 meters...

United Continues Commercial flights to/from Costa Rica

(QCOSTRICA TRAVEL) Commercial flights to Costa Rica continue though the arrival of tourists is prohibited until June 15, and international flight arrivals are permitted...

Panama construction continues on hold

Due to the health emergency, the Ministry of Health of Panama decided to extend, for the second time and now for 15 days, the...

Five-day-old among the infected in Costa Rica; Confirmed cases now 1,084

(QCOSTARICA) As a new month begins and a phase of greater flexibility for restaurants, hotels, and other activities, commences, the Ministry of Health reported...

Stay home! Clínica Bíblica offers COVID-19 testing at home!

Understanding the need for social distancing and facilitating access to the health of the population, the Hospital Clínica Bíblica offers COVID-19 testing and any...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.