Costa Rica: Fiscal Transparency "Half Finished"

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.

Monday, November 9, 2015

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.

This rating was issued on October 30 in a report on Phase 2 of Peers relating to transparency. Among the advances that OECD found were access to financial information for the purpose of exchanging information with other governments on tax matters, because financial information is available for everyone who has a bank account.

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More on this topic

Panama: Fiscal Bilateral Exchange with OECD Countries

October 2016

The agreement with the OECD allows the automatic exchange of tax information to be made bilaterally.

From a statement issued by the Ministry of Foreign Affairs:


The Government of Panama signed today in Paris the Convention on Mutual Administrative Assistance in Tax Matters (MAC), a definitive step in updating and transforming the country’s international financial services platform.

Panama Approves Tax Information Exchange

September 2016

Approval of the law on fiscal transparency will establish a mechanism to be followed in order for tax information to be exchanged with the United States.

From a statement issued by the National Assembly of Panama:

Draft Law No.363, in which an agreement between Panama and the United States is approved for improving international tax compliance and to enforce the foreign accounts tax compliance act (FATCA) and its links, given in the city of Panama on April 27, 2016, was approved on its third reading by the plenary of the National Assembly.

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).

Fiscal Transparency Law in Costa Rica

July 2012

The new standard adds control instruments and powers for the Ministry of Finance, regulating the lifting of banking secrecy by court order.

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).

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