Costa Rican congress passes central bank-backed tax reforms

Central Bank of Costa Rica

A major tax reform law strongly backed by Costa Rica’s central bank was passed by the country’s congress on December 3. The decision by the Costa Rican Congress may put an end to months of economic uncertainty.

The law raises income taxes for some groups and will convert the country’s 13% sales tax to a value-added tax, which will cover more goods. The reform seeks to contain the growth of Costa Rica’s fiscal deficit, which reached 68.2% of GDP in September.

A large number of workers went on

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