Monday 26 July 2021

Costa Rica To Whittle Away At Tax Gap

Paying the bills

Latest

Today’s Vehicle Restriction July 26: 1 & 2 CANNOT circulate

QCOSTARICA - Today, Monday, July 26, vehicles with license...

Number of victims of week’s storm rises to 3,000

QCOSTARICA - The number of people in shelters, due...

Today’s Vehicle Restriction July 25: EVENS CANNOT circulate

Update 6:34pm. A thank you to all those who...

Carlos Alvarado foresees the lifting of sanitary restrictions for the last quarter

QCOSTARICA - Costa Rica President, Carlos Alvarado, in Guanacaste...

Costa Rican surfer in race against time to Tokyo

QCOSTARICA - It was a race against time for...
Paying the bills

Share

Costa Rica’s Minister of Finance Helio Fallas announced a number of new tax measures to be implemented this year and in 2015 to tackle the country’s deficit.

The tax measures are part of a package of measures aimed at reducing the primary deficit to 1 percent of gross domestic product (GDP) by 2015, from 2.8 percent in 2013.

The government’s revenue enhancing efforts will focus on improving tax collection, building on a 14 percent increase projected this year. Authorities said the tax gap – the amount lost through tax avoidance, evasion, and exemptions – amounted to 13.37 percent of GDP in 2012. This figure was slightly higher than the total tax take that year, which stood at 13.18 percent of GDP.

- Advertisement -

A draft law on combating tax evasion will be submitted this month. The draft law, if passed, will mean that all expenditures for professional services will only be tax deductible if the service provider is registered with the Directorate General of Taxation.

The finance minister also said that the government will review tax exemptions and eliminate those it deems are unjustified.

The government wants to raise revenues to CRC3.75 trillion this year, and increase the tax burden by about 0.75 percent of GDP.

 

Article by Mike Godfrey, Tax-news.com

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"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

Today’s Vehicle Restriction July 26: 1 & 2 CANNOT circulate

QCOSTARICA - Today, Monday, July 26, vehicles with license plates ending...

Number of victims of week’s storm rises to 3,000

QCOSTARICA - The number of people in shelters, due to this...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.