Saturday, 8 August 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

Coronavirus: 18 deaths associated with COVID-19 in 24 hours

(QCOSTARICA) As the closure phase approaches for the orange areas of...

Yes, it was possible! INS now offers tourists low rate travel insurance

(QCOSTARICA) After a week of criticism from many sectors, State insurer,...


INS to launch lower-priced insurance for tourists traveling to Costa Rica

(QCOSTARICA) The Instituto Nacional de Seguros (INS) said Saturday it is working on a new insurance policy for travelers, with lower coverage, "which may...

President Alvarado announced 15% pay cut of his cabinet

(QCOSTARICA) President Carlos Alvarado announced Thursday that his has asked his Ministers and executive presidents of public institutions, to join him in a 15%...

IATA warns Costa Rica for overcharging on travel insurance

(QCOSTARICA) The International Air Transport Association (IATA) issued a warning to the Costa Rican government for the "excessive" cost of the mandatory travel insurance...

The rebellion has begun: Escazu, Santa Ana and Mora evaluate lifting restrictions

(QCOSTARICA) The municipalities of Escazú, Santa Ana, and Mora would allow their businesses to operate without the restrictions established by the government during the...

Tourists can now enter the country with international insurance!!!

(QCOSTARICA) Costa Rica President Carlos Alvarado; and the ministers of Health, Daniel Salas; and Public Safety, Michael Soto, issued an Executive Decree this Wednesday...

Minister says that everything was a misunderstanding …

"We already have the right to work," clarified the Minister, but commerce has to earn the right to reopen their businesses. The Minister of Planning,...

Let's Keep This Going!

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