• Costa Rica Coffee Guide

Costa Rican president signs tax and Eurobonds laws

September 25, 2012

Tuesday was a good day for President Laura Chinchilla and her National Liberation Party government. After a brief speech by Finance Minister Edgar Ayales, Chinchilla signed three tax and finance bills into law.

The first two, the Fiscal Transparency Bill and the Bill for Strengthening Tax Administration, are aimed at providing better government access to taxpayers’ financial information, closing tax loopholes, putting in place stronger sanctions to force better cooperation with tax authorities, and getting Costa Rica off the Organization for Economic Cooperation and Development’s “gray list” of countries not up to First World standards in international sharing of tax information.

The last of the three new laws is the Eurobonds Bill, to allow the Costa Rican government to issue up to $4 billion in dollar-denominated 10-year bonds, to obtain financing from the Eurodollar market.

Vice President Luis Liberman, back from a recent trip to China, had good infrastructure news for Costa Rica. The Chinese government has agreed to finance and build a widening of a 237-kilometer stretch of Route 32, the highway linking San José and the Atlantic port of Limón. The two-lane stretch of highway between Rio Frío and Limón has for years been inadequate for the heavy container truck traffic generated by 80 percent of Costa Rica’s exports and imports channeled through Limón port.

The government, constrained in infrastructure spending by its fiscal deficit problem, has negotiated this project as the best way to address what has become not only a commercial but a public safety problem.

You may be interested

Costa Rica celebrates 72 years without an army
Costa Rica
12212 views
Costa Rica
12212 views

Costa Rica celebrates 72 years without an army

Alejandro Zúñiga - November 30, 2020

Costa Rica on Monday is celebrating the 72nd anniversary of the abolition of its army. While the official holiday is…

Slothy Sunday: This just in — sloths are cute!
Sloth Sundays
2166 views
Sloth Sundays
2166 views

Slothy Sunday: This just in — sloths are cute!

The Tico Times - November 29, 2020

This just in from The Tico Times: Sloth are very cute! We visited Toucan Rescue Ranch in San Isidro, Costa…

Dental school or Costa Rica dental abroad?
Dental Tourism
2352 views
Dental Tourism
2352 views

Dental school or Costa Rica dental abroad?

Patrick Goodness / Goodness Dental - November 28, 2020

A visit to the local dentist is becoming too expensive for most Americans. While prices for routine check-ups and cleanings…