Consequences of Tax Reform in Costa Rica

In order to remove banking secrecy, all that is needed is that the required information presumably serves to determine compliance with tax obligations.

Friday, August 3, 2012

An article in Nacion.com discusses two bills recently approved on the first reading by the Costa Rican Legislative Assembly: the Law for Strengthening the Tax Administration and the Law on Fiscal Transparency.

"In the Transparency bill, there is a relaxation of the ability of the Administration to gain from financial institutions information concerning customers tax, both passive and active. Very specifically, it is not necessary that there be evidence of commission of a serious illegal taxation, it is sufficient that the information is foreseeably relevant to the determination of compliance with tax obligations.

"Regarding the strengthening project, there are three axes: modifications to administrative penalties, allowing the imposition of higher fines, and imposing custodial sentences for more serious offenses; modification of the administrative procedure for determining obligations, with the most noteworthy point being its inception through a determinative act - no longer the act known as Charge-transfer - and the obligation to pay or provide a deposit for access to the appeal system.

More on this topic

Guatemala: Insistance on Regulating Banking Secrecy

November 2014

The new head of the Superintendency of Banks intends to resume the discussion in Congress of a bill which would regulate banking secrecy in the country by way of tax audits.

With the aim of improving tax controls, the Superintendency of Banks (SIB) seeks to reform national legislation for the regulation of banking secrecy in order to access "... Banking information of taxpayers, under guarantees of confidentiality."

Increased Penalties for Faulty Tax Returns

October 2012

In Costa Rica, the new tax law increases the penalties for mistakes and omissions in income tax statements.

Effective from September 28, the Law for Strengthening Tax Management and Law for Enforcing Standards of Fiscal Transparency in some cases doubles fines to be paid for misreporting.

Fiscal Transparency Law in Costa Rica

August 2012

Two legal projects have been approved on fiscal transparency and fiscal management, including streamlined procedures for lifting bank secrecy.

A statement from the Ministry of Finance of Costa Rica reads:

TREASURY CELEBRATES APPROVAL OF FISCAL TRANSPARENCY AND STRENGTHENING OF TAX MANAGEMENT

Measures Against Tax Evasion

April 2012

Bill aims to make public the names of people and companies that are in arrears in the payment of taxes in Costa Rica.

The bill is being sponsored by the Frente Amplio in the Costa Rican Legislative Assembly and has the support of MPs from different benches and even the Executive.

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