No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveFiscal Deficit Down 65% During First Two Months

Fiscal Deficit Down 65% During First Two Months

Costa Rica’s fiscal deficit dropped 65% during the first two months of this year because of a 33% increase in government income, Finance Minister Guillermo Zúñiga announced March 16.

At the end of February, the fiscal deficit registered $38.9 million, 65% less than during the same period in 2006, when it reached $111 million.

The government’s income at the end of February registered $564.6 million, a 33% increase over the $424.6 million reported during the same period last year.

Its total expenditure, including interest on debt, totaled $603 million, up from the $535.8 million it spent during the first two months of 2006.

Zúñiga lamented that interest on the country’s debt has “eaten up” its efforts to increase income and reduce its deficit.

Among actions the government plans to carry out to continue lowering the deficit include aggressive tax collection, better control of costs to focus on its main priorities and promotion of laws that would create new taxes, such as a tax on luxury residences.

The minister said that although he does not have access to statistics on tax evasion this year, it remains a “serious” problem. The Comptroller General’s Office reported that in 2005, $800 million in taxes went unpaid.

 

Popular Articles

Tourism and Sport Fishing Ignored in Costa Rica’s Blue Economy Roadmap

Last Friday, April 25, the official presentation of the 2025–2030 National Fisheries and Aquaculture Development Plan took much of Costa Rica’s coastal fishing sector...

Nicaragua Condemns U.S. Migrant Policy Under Trump as Crimes Against Humanity

Nicaraguan President Daniel Ortega on Wednesday accused U.S. President Donald Trump of committing "horrendous crimes" against migrants by deporting them, separating families, and having...

Costa Rica Expat Guide to Ticks and How to Avoid Them

Of the many strange and interesting species that many hope to encounter during their time in Costa Rica, arthropods are generally lower on the...
Avatar
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait

Latest Articles