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Income Tax
Collection Increased By 42%
An effort by the government to collect more
income tax dollars has shown success as the
Ministerio de Hacienda (Revenue ministry)
reports a 42% increase in collections for the
first five months of the year, over the same
period last year.
Hacienda minister, Guillermo Zúņiga, made the
announcement yesterday, who considers the
achievement excellent.
"Impuesto sobre la renta" is the Spanish term
from income tax - tax dollars derived from
income of individuals and corporations on their
commercial activities.
Zuņiga said that from January 1, 2007 to May 31,
2007, Ē182 trillion colones compared to Ē128
trillion colones for the same period in 2006.
Income from all tax revenues for this year
reached Ē781 trillion colones, 30% more than the
first five months of 2006, when the government
collected Ē600 trillion colones, said Zuņiga.
The Revenue minister added that the increased
collection reflects a small surplus, which is
allowing the government to reduce debt.
Though revenue is increasing, spending is also
on the rise, though not as accelerated,
explained Zuņiga, who said that the government
is analyzing spending and assigning priorities
so that increased spending is closely monitored.
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