Bill Could Modify Bank Secrecy in Costa Rica

If the project is successful, fiscal authorities will have access to taxpayer’s bank account information.

Wednesday, November 17, 2010

"This is the proposed Law for the Enforcement of Fiscal Transparency Standards, which was yesterday approved by majority at the Committee on Financial Affairs," reported Nacion.com.

The original bill required the intervention of a judge authorizing tax authorities to request information; the new legislation would waive this requirement.

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."

Costa Rica Ratifies Agreement on Fiscal Transparency

April 2013

The agreement includes the exchange of information on request, automatic exchange, simultaneous tax examinations and assistance in the collection of tax debts.

Costa Rica has deposited its instrument of ratification of the Convention on Mutual Administrative Assistance in the field of taxation, the broadest multilateral agreement ever regarding tax cooperation and information exchange.

Costa Rica: Discussion on Bank Secrecy Relegated

July 2011

The urgency to pass the tax reform, among other things, has taken center stage in the government's agenda of issues.

The removal from the list of countries classified as tax havens, and the priority that the government has given other issues has meant that the discussion and approval of the Law on Fiscal Standards and Transparency, which contemplates the possibility of lifting the secrecy in banking in certain cases has been relegated.

Guatemala: Urgent Need to Eliminate Banking Secrecy

April 2011

The country could face economic sanctions if congress fails to approve new laws in its next two sessions.

Guatemalan banking regulator, Édgard Barquín, has reiterated several times to congress the urgency of approving the Banking Secrecy Law that will enable the country to come off the list of those that do not cooperate with fiscal transparency.

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