OECD Updates Tax Haven Lists

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

Thursday, September 24, 2009

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.

Panama remains cataloged as "a tax haven committed to adopt international fiscal standards, but who has not implemented them substantially".

The "gray list", in which Costa Rica and Guatemala are now included, together with other Latin American countries like Chile and Uruguay, comprises "financial centers committed to adopt international fiscal standards, but who have not implemented them substantially".

More on this topic

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.

Guatemala At Risk of Being Considered a Tax Haven

August 2011

If Congress does not approve the bank secrecy law, the country will remain on list of countries which do not contribute to fiscal transparency.

In light of a visit by representatives of the Organization for Economic Cooperation and Development (OECD), Victor Mancilla, head of the Superintendency of Banks (SIB), reiterated to Congress the urgent need to pass the Law on Banks and Financial Groups, which would mean the elimination of bank secrecy and the need to sign agreements on tax information exchange with at least 12 countries.

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

April 2009

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.

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.

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.

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