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Court is reluctant to let go of their bonuses!

The Judicial branch says the Comptroller General's office does not have jurisdiction to force it to respect the "plan fiscal" (tax reform). At the heart of the tax reform that the Carlos Alvarado government was able to get approved in the Legislative Assembly is a...

Colombia’s loathed tax reform passed Congress

A widely rejected tax reform that was approved by Colombia’s Congress in December may become President Ivan Duque‘s latest humiliation in court. Several senators and jurists have announced they will challenge the so-called “Economic Growth and Job Creation Bill” that has been rejected by economists...

Colombia is number one in Latin America

When the International Monetary Fund (IMF) ran the rule over Latin America last month, it decided it needed to be far less bullish about growth forecasts for all of the region’s biggest economies — except one. Colombia, the IMF said, was still on track to...

Costa Rica on roadshow for crucial bond issue

Latin American bond market participants said they thought Costa Rica’s proposed US$1.5 billion dollar cross-border issue would find strong demand as the country announced a roadshow amid friendly market conditions on Tuesday. Global Capital reports Citi and HSBC will take B1/B+/B+ rated Costa Rica to...

Minister Of Finance Resigns

The Minister of Finance (Minista de Hacienda), Rocío Aguilar, amid a press conference on Wednesday, resigned her position. The decision, said Aguilar, came after it became known that the Comptroller General (Contraloría General) recommended that the president sanction her for 30 days for paying the central...

More Corporations (Sociedad Anónimas) Close in Costa Rica

In the first nine months of 2019, 4,715 Corporations or Sociedad Anónimas were closed, 13% more than the total number closed during the whole of 2018, which could be because of the entry into force of the Ley del Impuesto a las Personas Jurídicas...

Presidential Pay Cut!

With the entry of the tax reform (Reforma fiscal) last December, the salary of President Carlos Alvarado was cut by ¢250,000 colones monthly, his gross pay dropping from ¢5,043,000 to ¢4,793,000. The drop is due to the fact that the Casa Presidencial (government house) stopped...

Strike that paralyzed public health last month declared illegal

The eight-day strike of public health sector workers last month was declared illegal by Juzgado de Trabajo de San José (San Jose Labor Court). From August 5 to 12, thousands of workers of the Caja Costarricense de Seguro Social (CCSS) crippled the State health system,...

San Jose Mayor Asks For Municipalities To Be Exempt From Fiscal Rule

The mayor of the province of San José  and former presidential candidate, Johnny Araya,  in his speech in the civic act of September 15 asked that municipalities should not adhere to the fiscal (tax) ule, but not to the "unsustainable privileges" either. "It is not...

Trade Unions Suffer An Abrupt Cut In Power

In less than a week, Costa Rica's trade unions (sindicatos in Spanish) suffered an abrupt cut in power with the approval in first debate on Tuesday of the bill to curtail strikes. However, they threaten further protests to try to defend their right to strike...

Costa Rica’s Judiciary in Budget War With The Treasury

The decision by the judges of the Full Court not to adjust the salaries of the Poder Judicial - the Judiciary - to the new regulations of that established incentives and annuities in the Ley de Fortalecimiento de las Finanzas Públicas (Ley 9635) -...

Uncertainty Persists in Costa Rica, Even With Tax Reform

In Costa Rica, the Banco Central (Central Bank) predicted that confidence would again prevail among businessmen and consumers once the tax reform was approved, but that has not been the case. In December 2018, after a year of Legislative debates and after being reviewed by...

Costa Rica is on the verge of adopting one of its biggest changes in taxes

Starting July 1, 2019, the economic life of Costa Rican households and businesses will face changes. On this day, Costa Rica launches the Value Added Tax (VAT) - Impuesto al Valor Agregado (IVA) in Spanish. On this day important tax reforms will go into effect,...

Reform of the Financial System

Allowing the opening of branches of foreign banks in the country and creating a structure of consolidated supervision of the entire financial system is part of the reform proposed by the Alvarado administration. In March of this year, two bills were presented to the Legislative...

Albino Vargas: ‘There are people calling for a coup d’état and an armed struggle’

During an appearance before the Comisión sobre Huelgas del Congreso (Legislative Commission on Strikes), the secretary-general of the of the strongest public workers unions the ANEP, Albino Vargas, affirmed that the reason the recent national strike last 89 days is the same that motivates...

Dollar Exchange Closes The Year At ¢611.75

It's been a roller coaster for the dollar exchange the last couple of months, reaching a high of ¢631.30 on November 7, then dropping back down to ¢600 and staying there the past couple of weeks. However, the exchange rate began climbing again the last...

Hacienda Ruled Out Aguinaldo On Dec. 6 For Civil Servants

Public sector employees can breathe a little easier now that the Plan Fiscal has passed into law, with the announcement by the Ministry of Finance that it is in a better position to pay the Aguinaldo (the annual bonus). Although initially this Ministry of Finance...

Reforma Fiscal (Tax Reform) Now Law!

It didn't take days to publish the Reforma Fiscal (Tax Reform) passed in second and final debate late Monday afternoon and signed by President Carlos Alvarado less than a couple of hours later, in the official government newsletter, La Gaceta. Typically, it can take up...

Kudos To President Carlos And Other Ramblings

Rico's TICO BULL - Kudos to President Carlos Alvarado. I was one of the many, or few, that never believed he could do what two presidents before him could. Not even Oscar Arias. Get passed in the legislative assembly the tax reform bill. It was...

Legislators Approve Plan Fiscal, President Signs Into Law

Legislators on Monday afternoon approved in second and final debate the Plan Fiscal - Ley de Fortalecimiento de las Finanzas Públicas - with the aim of alleviating the country's fiscal deficit. The Tax Reform bill was approved with the votes of 34 votes in favor...

OIJ Investigating Molotov Cocktail Bombing Of Ministry of Finance Building

The Organismo de Investigación Judicial (OIJ) are investigating the explosion of two Molotov cocktails against the Ministry of Finance building in downtown San Jose on Thursday and confirmed a note appeared on the site, alluding tot he approval of the plan fiscal or tax...

Constitutional Court Gives The Green Light To The Tax Reform Bill

The Constitutional Court (Sala Constitucional, also known as "Sala IV"), on Friday endorsed the process of the tax reform (plan fiscal) promoted by the government of Carlos Alvarado, in its task to put in order the country's finances and avoid an economic crisis. The tax...

Fitch Issues Costa Rica Alert

Fitch Ratings has given Costa Rica 90 days to resolve its public finances before lowering its risk rating. Through a statement, the rating agency issued a negative notice about the country's outlook - which was already negative - and which places the rating at...

Wall Street Sours on Costa Rica

(Bloomberg Business) In a part of the world known for guerrillas, drug runners and fleeing emigrees, Costa Rica has long been the exception. It was an oasis of tranquility and stability -- the Switzerland of Central America, some took to calling it. American retirees flocked...

Does the government have the money to pay the Aguinaldo for this 2018?

If you ask me today if I have it, I say no (...). There is never that liquid money in an entity like the Ministry of Finance in the circumstances in which it is. Today, the Treasury is, as we say there in Guanacaste,...

Could Costa Rica go the same way of Argentina?

Argentina is in crisis. The fiscal deficit experienced by the country, added to inflation and the devaluation of the currency versus the US dollar has the country on the edge of another possible economic debacle. What is happening in Argentina, a country with the third...

76% of businesses report losses due to the strike

As a result of the national strike - today in it's 50th day and which continues to be active,  76% of retailers report economic losses, as detailed in a stud by the Chamber of Commerce of Costa Rica (CCCR). The strike by the public sector...

7 out of 10 MEP employees still on strike

Nearly seven out of ten employees of the Ministry of Public Education (MEP) - the majority teachers - have yet to return to work Among the MEP employees on strike since September 10 are teachers, janitors, cooks, and administrative staff, among others, The MEP reports the...

Letter to the Editor: Collect the taxes that are due!

What I am going to suggest as an answer to the fiscal crisis in Costa Rica is simple. Collect the taxes that are due and payable through enforcement. In the U.S., we had the IRS with frightening power. When I lived in Russia we had what...

Strikers Protest The Supreme Court in Fight Against the Plan Fiscal

A group of striking public sector workers concentrated in the outskirts of the Corte Suprema de Justicia (Supreme Court of Justice), in downtown San Jose, Monday, to appeal to the magistrates their discontent with the Plan Fiscal (Tax Reform) approved last Friday by the...

Historic Day For Costa Rica, First Vote On Tax Reform Expected

After 39 hours of discussion and voting on the last motions on the Plan Fiscal (Tax Reform), legislators are expected to start their final discussion and 'first debate' vote this Friday afternoon. Legislators on Thursday completed processing the 368 outstanding motions and to work a...

MAG and Cen-Cinai Workers Agree To Return To Work

Union representatives of the workers of the Ministerio de Agricultura y Ganadería (MAG) and the Dirección de CEN-CINAI del Ministerio de Salud, agreed to lift the strike movement in these public institutions, reported the Minister of Labor Thursday afternoon. Steven Nuñez said the agreement was...

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