Thursday 16 September 2021

New Taxes Is Government’s Porposal For Decifit Cuts

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New taxes are part of a set of proposals by the government to cut the deficit, which the Chinchilla administration aims to amass the support of political, business and social groups during its last months in office.

Taxes are just one option to raising revenue, according to the document titled, “En ruta hacia la consolidación fiscal: Agenda para un Diálogo Nacional” (On the road to fiscal consolidation: Agenda for a National Dialogue), presented Thursday by Hacienda (Finance) minister, Edgar Ayales.

According to the minister, the document will be the basis for discussion and agreement towards a solution to the fiscal problem the country is facing.

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Some of the tax changes include is a Value Added Tax (VAT) or Valor Agregado (IVA) in Spanish and changes in tax burdens to free zones (Zona Francas).

Hacienda has organized five roundtable discussion on the five areas making up the document.

 

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