$64 Million Financial Surplus During First Six Months of Year
The government registered a financial surplus of $64 million during the first half of 2007, according to Finance Minister Guillermo Zúñiga, who July 19 called this figure an “optimistic” sign of the country’s financial outlook and said he is “very satisfied.”
The minister attributed the surplus to an improvement in tax collection and controlled spending in priority areas.
Finance Ministry statistics indicate that the government’s income as of June was $1.8 billion, an increase over the same period in 2006, when it registered $1.4 billion.
The government’s total spending including interest on debt reached $1.7 billion from January to June, an increase over the $1.4 billion registered during this period in 2006.
The government’s main income so far this year has been customs taxes ($680.5 million), followed by income tax ($448.4 million) and sales tax ($348.5 million), among other taxes.
Zúñiga said 51.8% more income taxes were collected during the first six months of this year compared to last year thanks to an initiative to enforce tax collection.
The government’s main spending was on remuneration ($633.6 million), followed by interest on debt ($433 million) and pensions ($248.8 million), among other costs.
The minister said that, excluding interest on debt, the country generated a financial surplus of a little more than $497 million.
Despite these positive figures, Zúñiga said it is almost certain Costa Rica will close out 2007 with a financial deficit, since during the second half of the year the government must pay aguinaldos, the mandatory year-end bonuses, and invest more in pensions and infrastructure.
You may be interested
Mexico opens border to women and children from migrant caravanAFP - October 20, 2018
Mexican authorities on Saturday allowed dozens of women and children from the Honduran migrant caravan to pass into its territory,…
Venezuela accuses Costa Rica of ‘subordination’ to U.S.AFP - October 20, 2018
Venezuela criticized Costa Rica this week for expressing support for several countries that have asked the International Criminal Court (ICC)…
Lifeguards call for help in Costa Rica: support their work in OsaPerry Gladstone - October 20, 2018
Over the last four years, the Lifeguards of Costa Ballena have performed 240 in-water rescues, administered first aid 100 times…