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).
"The government has been committed since April 2009 to comply with OECD standards for removal from the gray list", reported Nacion.com
The plan has been sent for consultation to the Supreme Court, said the president of the Legislative Assembly, Victor Granados.
In Panama debates are firing up about the requirements for tax information exchange in what The Economist calls the "club of rich countries."
With the statement that "Panama is going through a tax revolution, with a direct impact on the competitiveness of the country", an article in Martesfinanciero.com reviews the concepts contributed by authorities and experts to the forum on the OECD's global project, organized by Chamber of Commerce, Industries and Agriculture of Panama (CCIAP).
The OECD has given an overall grade of "largely fulfilled" but noted that there is no consolidated record to document all of the trusts created and the funds managed using this process.
From a statement issued by the Ministry of Finance in Costa Rica:
"Partially met" is the description given by the Organization for Economic Cooperation and Development (OECD) of work undertaken by the country to meet international standards set by the Organization on transparency and exchange of tax information.
The country's reappearance on the list of jurisdictions accused by France of tax opacity, would mean the application of a withholding tax on transactions between the two countries.
Only one day after the revelation of leaked information from the Panamanian law firm Mossack Fonseca, the French government has announced that Panama will once again be included in the "black list" of countries that do not cooperate in terms of fiscal and financial transparency.
The organization has rejected Panama's attempt to implement automatic exchange of tax information using a different system to the standard used by the organization.
The General Secretariat of the Organisation for Economic Co-operation and Development (OECD) understood the proposal put forward by Panama to exchange tax information through bilateral agreements as moving away from its commitment to the model adopted by this organization, and has once again included the country in the gray list alongside Bahrain, Nauru and Vanuatu, which have so far not announced their adherence to that model.
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