End of Banking Secrecy in Tax Matters?
Costa Rica will make modifications in its legal system to avoid the penalties proposed by the G20 for countries that do not exchange information on taxes.
Wednesday, April 8, 2009
Finance Minister Guillermo Zúñiga agreed that the issue of transparency in tax matters and the international exchange of tax information, although it was raised for years, was recently priorized due to the recent decision by the G20 to recommend sanctions against countries that do not cooperate in this regard.
Pressured by OECD, the Government of Costa Rica is taking steps to update its regulations in order to comply with international standards.
In January, the first Convention of Tax Information Exchange could be signed with Australia.
The agreement includes the exchange of information on request, automatic exchange, simultaneous tax examinations and assistance in the collection of tax debts.
The country has exchanged texts with seven countries to sign double taxation agreements.
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