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).

"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.

More on this topic

OECD or Not OECD?

September 2012

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).

Panama Could Go Back to OECD Gray List

March 2014

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.

An assessment of tax transparency and exchange of information that would have been made by the Global Forum Organization for the OECD will prevent the country from being removed from the list of tax havens.

Panama: To Be or Not to Be "Gray"?

October 2014

Panama, Bahrain, the Cook Islands, Nauru and Vanuatu are the countries that have refused to join the OECD agreement for automatic exchange of tax information.

Laestrella.com.pa reports that "... According to data provided by the Global Forum on Transparency, linked to the Organization for Economic Cooperation and Development (OECD), these five states are the only ones who have been unwilling to adhere to the automatic exchange.

Tax Transparency Between Panama and Argentina  

December 2013

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.

From a press release issued by the Ministry of Foreign Affairs of Panama:

"As a result of the official visit to Buenos Aires by the Minister of Foreign Affairs, Fernando Nunez Fabrega, a roadmap has been established that will allow Panama to join the group of countries friendly to Argentina on the issue of fiscal transparency.

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