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President said a fiscal deficit of 10.5 percent calls for “violence”

June 2, 2016 by Staff News Writer

President Luis Guillermo Solís said that if his tax reform is not approved, the next government could face a deficit of 10.5 percent.

The key piece of the government deficit proposal is higher taxes. A measure that has not advanced because of the opposition in the legislature.

The tax reform will allow the government to raise 600,000 million more per year. With this, they aim to reduce the fiscal deficit by two percent.

Solis warned that if they fail to take this measure, the deficit would reach 7 percent at the end of 2016, and by the end of his mandate it would be at 8.5 percent.

Solis’ statement did not sit well on the opposition. The congressman Gerardo Vargas, from the party Unidad Social Cristiana (PUSC), said the presidential speech was apocalyptic.

Source: La Nación.

Related articles:

  1. OECD considers fiscal deficit is Costa Rica’s main risk
  2. Costa Rica has the highest fiscal deficit in Central America
  3. Fiscal deficit grows at a slower pace
  4. Central Bank restates risks of fiscal deficit and dollarization
  5. Fiscal deficit reached 1.6 percent of GPD in 2016 first quarter
  6. Fiscal deficit decreases

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