Costa Rica: From OECD "Black List" to "Gray List"

For this to occur, it was enough to send a letter to the OECD, agreeing to adopt the international standard for the exchange of tax information.

Tuesday, April 7, 2009

Following the decision by the G20 to act against nations that fail to cooperate in the international exchange of tax information in their last meeting in London, Costa Rica had to act quickly to get out of the "black list" of countries that were not committed to adopting this standard. It was enough, like the other three countries in the same situation (Uruguay, Malaysia and Philippines), to send a document to the OECD adopting the commitment.

The OECD report, which establishes a list of countries categorized into four lists with a supposed gradation from white to black, has raised an uproar especially in Europe where countries such as Switzerland, Austria, Belgium and Luxembourg were “blacklisted,” more or less.

OECD document containing information about this topic:

- 2000 - REPORT TO THE 2000 MINISTERIAL COUNCIL MEETING
- 2009 - Following G20 OECD delivers on tax pledge
- 2009 - A PROGRESS REPORT
- 2009 - Four more countries commit to OECD tax standards
- 2009 - Tax evasion and tax havens - Frequently asked questions

More on this topic

OECD Updates Tax Haven Lists

September 2009

Costa Rica and Guatemala were upgraded to the "Gray List", whereas Panama remains listed as a "Tax Haven".

A September 24th report by the Organisation for Economic Co-operation and Development (OECD), shows progress in the implementation of transparency and fiscal information exchange standards.

Costa Rica, Guatemala, Panama: Tax Havens?

April 2009

They are included in an OECD list of countries that have not implemented the international standard for exchanging tax information.

However, the status of each of these countries is different for the OECD. Panama and Guatemala have committed themselves to the implementation of the international standard for the exchange of tax information, but with the difference that Panama was included in a list of tax havens in the 1998 OECD Report while Guatemala was not blacklisted.

Panama Behind in Fiscal Transparency

October 2011

The country has not been able to pass the first filter set by the Global Forum on Fiscal Transparency.

Accompanied by Uruguay and Barbados, among other countries, Panama is part of the list of countries that, according to the OECD, do not meet certain rules to promote tax transparency, for example, the implementation of information exchange agreements.

Panama Objects to Being Classified as a Tax Haven

October 2011

In light of its inclusion in the list of countries who do not have sufficient "fiscal transparency", Panama has requested a supplemental report that includes all measures implemented in the area since May 2010.

A statement from the Ministry of Economy and Finance of Panama reads:

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