Thursday 28 January 2021

Costa Rica’s Credit Rating Impacted By ‘Slow’ Tax Reform

currency-costa-ricaQCOSTARIA (Tax-News.com) Fitch Ratings has assigned Costa Rica a negative credit rating outlook as a result of fiscal reform delays.

The ratings agency said the decision reflected an expansion in the nation’s fiscal deficit, slow tax reform progress, and a weaker economy. Despite these concerns, Costa Rica retained its BB+ rating.

Costa Rica’s fiscal deficit has reached an estimated 5.6 percent of gross domestic product (GDP), the agency said, and the nation’s revenue base remains narrow compared with other nations with the same credit score.

- Advertisement -

The new Solis administration, which took office in May of last year, had indicated that it would only gradually implement fiscal consolidation measures. In September 2014 Moody’s Investors Service downgraded Costa Rica’s Government bond rating, to Ba1 from Baa3, also due to delays to its fiscal consolidation program.

Towards the end of last year, the Government confirmed plans for an increase to its 13 percent sales tax and its replacement with a value-added tax. The Government also intends to introduce a “global tax regime” for individuals, requiring that individuals pay tax on their worldwide income.

See more at: http://www.tax-news.com

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

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

Presence of ‘Tica variant’ of coronavirus doubled between September and November

QCOSTARICA - Last December, a group of Costa Rican scientists pointed...

Moody’s, Fitch and S&P distrust political support for plan with IMF

QCOSTARICA - The international risk rating agencies Moody’s, Fitch Ratings and...

MOST READ

Vehicular Restrictions For February

QCOSTARICA - The government announced this Monday the new vehicular restrictions for the month of February. Starting February 1, the restrictions will be maintained the...

First vaccines against covid-19 arrive in Panama, the country with the most infections in Central America

TODAY PANAMA – With a sideways view of the syringe, nurse Violeta Gaona received the first dose of the vaccine against covid-19 in Panama...

ICE, INS and state banks are left out of the public employment reform

QCOSTARICA - In order to avoid an impact on competing public companies, legislators today approved a motion that excludes ICE, INS and state banks...

How 4 Places Around the World Celebrate Thanksgiving

Thanksgiving Day provides us a great opportunity to express gratitude for everything we have in life. This is a national holiday on which people...

In Costa Rica, reports of OVNIs (UFOs) increased during the pandemic

QCOSTARICA - Sometimes it's just birds, drones, helium balloons, and even ridiculous flying saucers. But on other occasions, after taking a photograph or a...

Purchase of Damaged Dollar Bills Is the Latest Unusual Business in Venezuela

TODAY VENEZUELA – On the streets of Venezuela, dollar bills that have been punctured, erased, stained, scratched, discolored, or burned are bought for half...

Alleged Colombian narco wanted by the United States was arrested in Escazú

QCOSTARICA - Agents from the Organismo de Investigación Judicial (OIJ) stationed at the Interpol-San José National Central Office detained, this Friday, a 51-year-old Colombian...

The possible 2022 presidential candidates

QCOSTARICA - In a little over a year, in February 2022, Costa Ricans will take to the polls to elect a new president. General elections...

Honduras toughens abortion ban with constitutional reform

Q24N - Tegucigalpa, Honduras. The Honduran Congress, with a conservative majority, approved Thursday a reform in the Constitution to toughen the abortion ban, in...

Want to stay up to date with the latest?

We would love to hear from you! Please fill in your details and get updates daily in your mailbox. It's that simple!

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.