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". But this does not only depend on the current and the next administration but on some commitments that must pass through Congress and be transformed into laws.

The country has two years to strengthen trade, investment, taxation, transparency, and combating corruption, among other things, in order to be eligible to obtain membership in the Organization.

According to Monica Segnini, president of the Chamber of Exporters (Cadexco), now the country is obliged to spare no expense in order to meet all of the requirements.

On the tax issue, for example, the OECD requires countries to commit to exchanging information in order to fight the battle against tax evasion. In addition, there is a push for transnationals to pay their taxes and to develop internal policies to pursue money laundering.

Source: elfinancierocr.com

More on this topic

Panama and the Automatic Exchange of Tax Information

July 2016

The government has informed the OECD of its intention to join the Convention on Mutual Administrative Assistance in Tax Matters.

From a statement issued by the Ministry of Foreign Affairs in Panama:

After a thorough analysis of international expectations regarding the best national interests and extensive consultation with members of the private sector that are involved in CANDSIF, Panama informed the Organisation for Economic Co-operation and Development (OECD) of its intention to be part of the Convention on Mutual Administrative Assistance in Tax Matters (known as "MAC"). 

Costa Rica Signs Agreement Against Tax Evasion with OECD

June 2015

The agreement provides for the exchange of financial account information, including balances, interest, dividends and profits from sales of financial assets, both for individuals and corporations.

From a statement issued by the Ministry of Finance in Costa Rica:

COSTA RICA signs multilateral agreement on automatic exchange of information with OECD

Costa Rica and the OECD: Benefits Are In The Requirements

May 2013

Businessman point to the great effort that is needed to meet the requirements for the country to join the Organization for Economic Cooperation and Development.

Elfinancierocr.com reports that the Costa Rican Union of Chambers and Associations of Private Enterprise (Uccaep) sees several aspects of the eventual accession to the OECD as positive, "OECD countries have improved public policy issues such as legal certainty, modernization of the state, promoting competitiveness and transparency through rigorous evaluations and comparisons with countries with which we are competing globally. "

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