Friday 12 August 2022

President defends Global Income Tax

Rodrigo Chaves assures that charging different rent rates is "bad enough" for the country

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12 August 2022 - At The Banks - BCCR

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QCOSTARICA – President Rodrigo Chaves confirmed that the government will advance with Renta Global (Global Income Tax), as stated by the Minister of Finance, Nogui Acosta, before the Treasury Affairs Commission.

The objective of global income is for the taxpayer to add all the annual income and that amount is taxed at a single rate. This initiative was also promoted by the previous administration but was unsuccessful due to opposition from Legislators.

President Rodrigo Chaves (right) with his Minister of Finance, Nogui Acosta

Currently, Costa Rica applies different tax rates based on the kind of income. Income tax rates for both companies and individuals are calculated on a progressive scale depending on gross income. In case of corporations, income tax ranges from 10% to 30%. For individuals, it ranges from 10% to 25%.

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The president stated that charging different income tax rates is “pretty bad” for Costa Rica.

In an interview with Pelando el Ojo on Radio Monumental, the President also said that resolving the issue of luxury pensions will take a year.

Regarding the electric train, Chaves mentioned that they will soon make a decision as to whether they are going to restructure the project or scrap it completely.

On the other hand, he referred to the main challenges that he faced during the first two months of his administration (Chaves took office on May 8), however, he assured that as President he exercises the authority that he possesses.

Chaves questioned the legislators who criticize the decree that increased the salaries of ministers and deputy ministers, reminding them that as legislators they receive more money than the ministers and deputy ministers.

 

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