Country Registers Surplus In First Five Months of Year

June 22, 2007

The Costa Rican government registered a budget surplus of $16,923 during the first five months of this year, thanks to an improvement in the collection of taxes and an “adequate” management of spending, Finance Minister Guillermo Zúñiga announced this week.

The government’s income during this period was $1.5 billion, a 30.2% increase over the same period during 2006, when it took in $1.15 billion.

Its total spending, including interest on debt, reached $1.5 billion from January to May, a 20.8% increase over the $1.2 million reported during this period in 2006.

The government’s main sources of income in Costa Rica so far this year have been Customs taxes ($567.3 million), followed by income taxes ($350.9 million) and sales taxes ($297.1 million), among others.

Its main expenses were remunerations ($527.7 million), followed by interest on debt ($408.2 million) and pensions ($206.7 million), among others.

Zúñiga explained at a press conference Tuesday that to continue generating a surplus, the government must continue its initiative to collect taxes and distribute spending to priority areas.

 

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