The Costa Rica News (TCRN) – In a recent press release by the Economic Commission for Latin America and the Caribbean (ECLAC), it was noted that Costa Rica has been able to transform its framework with greater equality and human development and is considered an example for all of Latin America, but that Costa Rica needs to continue build fiscal reform measures.
In a recent meeting with ECLAC Executive Secretary Alicia Bárcena and Costa Rica’s Vice President and Finance Minister, Helio Fallas, Secretary Bárcena praised the fiscal reform that Costa Rica has undertaking but that further fiscal reforms are needed to maintain accomplishments.
The Executive Secretary voiced concerns that countries in Latin America and the Caribbean collect few taxes, with taxation levels of around 20 percent versus which is 10 percent less that OECD countries.
The Executive Secretary called on Costa Rica to boost the tax burden and focus on tax evasion, which currently contributes to illicit outflows amounting to $150 billion USD, which are approximately double current remittances.
The Costa Rica News (TCRN)
San Jose, Costa Rica