Saturday 19 June 2021

Oscar Arias Unveils His Plan To Reduce The Country’s Fiscal Deficit

COSTA RICA NEWS — Former president Oscar Arias joined the chorus of voices seeking to present a solution to the country’s fiscal deficit.

Former president Oscar Arias.
Former president Oscar Arias.

The Arias proposal would reduce the deficit over the next two years by 5% of Gross Domestic Production (GDP): first the government of Luis Guillermo Solís lower spending by 2% of the GDP; and second to increase revenue by 3%, with the approval of new taxes.

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Former president Arias says that the government’s proposal to introduce a Value Added Tax (VAT) to replace the sales tax and reforms to income tax, to be introduced to the Legislative Assembly in December, is not viable and would lead to a “more regressive and unfair tax system.”

The former president, without giving too much in the way of details, says there is a need for direct taxes and not indirect.

Arias ends his proposal saying there is a need for an agreement between the government, business, political parties, trade unions and the private sector to find a “workable” solution for the welfare of the country.

In an interview with La Republica, Arias said “Costa Rica requires an agreement that satisfies both sides: those who just want new taxes and those who only seek to reduce expenses.”

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