President Pacheco Confident That Tax Plan Will Finally Pass
Abel Pacheco, who is president until May 8, expressed his confidence that the long delayed and debated Tax Reform plan will soon receive the Legislative Assembly's approval.

The "Reforma Fiscal" seeks to bolster tax revenues and reduce the country's debt and has been in the works for many years.

The 500 page plan faces a possible preliminary vote later today (Thursday), although the legislature may postpone the vote due to a busy schedule.

If passed, the Tax Reform will introduce major changes like worldwide taxation and increase personal and corporate income tax. The Tax Reform plan would also introduce stronger measures for the collection of taxes and penalties for failure to pay.

The plan needs to pass a second vote in the Legislative Assembly before it can be proclaimed into law by the president.

President Pacheco said this week that efforts have been made to place pending Legislature business on hold to get a speedy approval of the tax bill.

The Tax Reform was first proposed in 2002 following President Pacheco's election to office but it has been bogged down by the process as opponents to the reforms have resorted to delaying tactics to prevent passage.

However, the recent presidential elections that have yet to proclaim a new president, will see a group of pro-tax reform politicians in the Legislative Assembly that will sway the balance and the bill passed.

Both Oscar Arias Sanchez, presidential candidate from the Partido Liberación Naiconal (PLN), and his Partido Acción Ciudadana rival, Ottón Solís are known supporters of the tax plan.

The passage of the Tax Reform plan would be one project that President Pacheco will have completed during his term of office, having a little less than 3 months to go.