Business chamber opposes fiscal plan and ATM taxes

The business chamber has come out against the proposed tax plan and reports that the government proposal would tax financial transactions at automatic tellers. This is important to expats here because many bring money into the country from overseas bank accounts via the automatic machines.

The organization, the Unión de Costarricense de Cámaras y Asociaciones del Sector Empresarial Privado, said that the tax plan would give a boost to those companies that work in the informal economy and do not pay any taxes. They would have an advantage over law-abiding firms.

The chamber urged lawmakers to pass a bill now in the hopper that provides economic rights and guarantees to citizens. This would elevate these rights to a section in the Costa Rican constitution.

The chamber said that by taxing financial transactions, including credit cards and automatic teller transactions the impact would fall on all users.

It also said that increasing the tax on interest from 8 percent to 15 percent would diminish the desire of citizens to save.

The chamber also said that the proposal to tax the estimated 547 companies in the so-called free zones would generate insecurity and reduce production.

The statement from the chamber was anticipated because the tax plan targets larger firms and high-income earners.

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