Costa Rica income tax revenue drops in 2012

Finance Minister Édgar Ayales reported Thursday that Costa Rican companies paid less income tax last year.

In 2011, business income taxes generated ₡485 billion ($970 million), but in 2012, that amount decreased to ₡461 billion ($922 million).

The income tax from the corporate sector represents 75 percent of total income taxes collected in the country.

The remaining 25 percent is provided by individuals or professionals. However, the Finance Ministry reported that tax payments by professionals improved last year, with an increase of 31 percent.

Ayales also reported that the country’s fiscal deficit was 4.4 percent of gross domestic product in 2012, a figure lower than the 4.8 percent projected by government officials, but which also means that Costa Rica began this year with a debt of ₡1 billion ($2 million).