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Costa Rica Government presents economic measures to face the effects of COVID-19

Costa Rica is preparing economic measures to protect workers and companies facing the COVID-19 impact. Carlos Alvarado said that “the objective of this first phase of care and financial support measures is to relieve those small and medium-sized entrepreneurs and to protect working people, who are affected by the impact of COVID-19.”
The first line of measures to be taken are:
  • Employee protection: Alvarado will meet Monday with the CCSS (CAJA Authorities) to establish a regime of social security contribution proportional by the effective worked time. Plus, the Executive is going to ask for deferred payment of social security contributions.
  • Loans and credit: The government will present a plan to evaluate, in association with the main economic entities (BCCR and Conassif), the possibility of an additional monetary stimuli to bring interest rates down and a readjustment of credits for the most impacted sectors.
  • Taxes: The Tax Authority, Ministerio de Hacienda, will present a bill to authorize a tributary moratorium, namely postpone the payment of corporate taxes, VAT and customs fees, for companies and PYMEs from three months, counted from its approval by Congress.
  • Insurance and Tourism: The National Insurance Institution, INS, is going to present three new products, tailored for workers risks and tourists on quarantine.
The government will announce more economic measures in the following days. The idea is to protect the incomes and jobs of the population, in an effort to prevent permanent damage as a consequence of the COVID-19 crisis.
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Marianela Sánchez

Marianela Sánchez

1 Comment

  1. Jeffrey Zamora
    March 17, 2020 at 6:15 am — Reply

    Thanks for sharing this useful information!

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