Costa Rica Gets Off Brazil's Grey list

Since 1999 Costa Rica has been included in the list of nations considered tax havens by the South American country.

Friday, January 19, 2018

From a statement issued by the Ministry of Finance:

COSTA RICA TAKEN OFF BRAZIL'S LIST OF TAX HAVENS  

The Federal Revenue Secretariat of Brazil (Receita Federal do Brasil or RFB) has removed Costa Rica from the list of countries with favored taxation, known as tax havens. 
The removal of the country from this list was made under Normative Instruction No. 1.773 of December 21, 2017 and became effective on January 1, 2018. 

"This scope not only eliminates the negative effects felt by Costa Rica due to its inclusion in this list, but also marks a turning point in relation to the opening up of new opportunities that will allow for an intensifying of attraction of investments and our commercial exchange with Brazil. Additionally, it confirms the excellent state of the relations between Brazil and Costa Rica," said the Minister for Foreign Affairs, Manuel A. González Sanz.  

Read full release (in Spanish).

More on this topic

Panama Gets Off List of Tax Havens

June 2017

Citing the country's progress in international cooperation in the fiscal area, the OECD has announced that it will not include Panama in the list of non-cooperating countries.

The decision was based on the progress made by Panama in the adaptation of its legislative framework, the expansion of partners for the exchange of tax information and the work carried out by the DGI to handle requests for information.

Guatemala: Avoiding the "Gray List"

May 2017

The government is warning that if the agreement on Mutual Administrative Assistance in Tax Matters is not ratified, the country is at risk of being included in the lists of non-cooperating countries.

The Guatemalan Ministry of Finance describes as "indispensable" the ratification by legislative of the Convention on Mutual Administrative Assistance in Tax Matters adopted by the Council of Europe and member countries of the Organization for Economic Co-operation and Development (OECD) 

Panama: Effects of the French Blacklist come into force

January 2017

On January 1st the decree signed by the French government in April 2016 to include Panama in the list of countries considered to be tax havens came into force.

According to the French government the scope of the agreement signed in October by Panama for the automatic exchange of bilateral tax information with OECD countries, was not clear and the decree signed in April, which included Panama on the list from January of this year, was not repealed.

Costa Rica Taken Off List of Tax Havens

July 2011

After completing twelve agreements to exchange tax information with as many other countries, the OECD has announced that Costa Rica will be excluded from the gray list.

A press release from the Ministry of Finance reads:

COSTA RICA OUT OF THE LIST OF TAX HAVENS

• Bill Compliance Standard on Fiscal Transparency is essential for implementation of international agreements

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