Costa Rica Taken Off List of Tax Havens

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.

Tuesday, July 5, 2011

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
• Country totals twelve agreements of exchange of tax information, which strengthen the management of tax administration to combat tax evasion and enhances the attraction of foreign investment.

The Organization for Economic Cooperation and Development (OECD) announced today through a press release that Costa Rica has been excluded from the list of countries not cooperating in the exchange of tax information and included both in the list of jurisdictions that have substantially implemented the international standards of fiscal transparency.

This information was released after the country managed to negotiate a total of twelve agreements to exchange tax information, following the signing of eight agreements last week with Australia and the countries comprising the Nordic block: Denmark, Finland, Greenland, The Faroe Islands, Iceland, Norway and Sweden.

These instruments are part of the commitments made by the country before the international community in terms of fiscal transparency. Referring to this news, the Finance Minister, Fernando Herrero said that it is a major step for the country, not only in addressing the commitment but also because these instruments, which strengthen the management of tax administration helping to combat tax evasion but also that it favors attraction of foreign investment, positioning the country as a transparent nation that does not encourage unfair practices.



More on this topic

Is Two Years Long Enough to Apply for OECD?

June 2013

Straddling two administrations, Costa Rica has a huge task ahead of it in terms of institutional adjustments, taxes and regulations, in order to be a candidate for membership in 2015.

Elfinancierocr.com reports that Costa Rica "is being forced to take on a series of standards and policies of the highest level that the Organization for Economic Cooperation and Development (OECD) requires its members".

Costa Rica Signs Tax Convention with OECD

March 2012

Adherence to the Multilateral Agreement involves sharing tax information with 23 countries, allowing advances to be made in international transparency policies and the fight against tax evasion.

A statement from the Finance Ministry reads:

COSTA RICA SIGNS INTERNATIONAL TAX COOPERATION CONVENTION WITH 23 COUNTRIES

Panama Complies with OECD Requirements

June 2011

After signing today a fiscal information convention with France, Panama has completed the 12 fiscal agreements required by the Organization for Economic Cooperation and Development (OECD) in order to exclude Panama from the list of tax havens.

A press release from the Ministry of Foreign Affairs of Panama states:

Panama to Sign Tax Agreement with Mexico

February 2010

Both countries will sign a double taxation agreement in Cancún, Mexico.

The Mexican treaty will be the first out of 12 agreements that Panama intends to sign with OECD members (Organisation for Economic Co-operation and Development).

“Such requirement was set by OECD in order to remove the country from a ‘gray-list’ of countries considered tax havens”, reported Prensa Libre.

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