Fiscal Transparency Law in Costa Rica
The new standard adds control instruments and powers for the Ministry of Finance, regulating the lifting of banking secrecy by court order.
Tuesday, July 31, 2012
The new plan also proposes agreements to exchange tax information between the country and other nations, with the government aiming to removing Costa Rica from the gray list of the Organization for Economic Cooperation and Development (OECD).
In Panama debates are firing up about the requirements for tax information exchange in what The Economist calls the "club of rich countries."
The Minister of Finance announced that the country did not pass the first stage of the review by the OECD because it has not implemented a law immobilizing bearer shares.
Both governments have agreed to launch negotiations for the South American country to remove Panama from the list of countries with low or no taxation.
Straddling two administrations, Costa Rica has a huge task ahead of it in terms of institutional adjustments, taxes and regulations, in order to be a candidate for membership in 2015.
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