The End of Bank Secrecy?

All of the OECD countries and others such as Costa Rica have agreed to the automatic exchange of tax information.

Thursday, May 15, 2014

From a statement issued by the Organization for Economic Cooperation and Development (OECD ):

Paris, May 6, 2014

Bank secrecy for tax purposes is coming to an end because countries, along with major financial centers have committed to the automatic exchange of information between jurisdictions.

The Declaration on the Automatic Exchange of Information in Tax Matters was adopted by the 34 member countries of the OECD during the annual Ministerial Council Meeting in Paris. Other countries such as Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore and South Africa also adopted the Declaration.

The Declaration commits countries to implement a new single global standard in automatic exchange of information. The standard was developed by the OECD and was accepted by the finance ministers of the G -20 in February.



More on this topic

Tax Calendar Guatemala August 2014

August 2014

Calendar of payment obligations for July 2014 and Memorandum Tax on banking secrecy.

Tax Memorandum August 12nd - 14th 2014

Is bank secrecy is over?

All OECD countries as well as others such as Costa Rica have committed to the automatic exchange of tax information.

Because of the importance of this topic, the following is transcribed from a statement issued by the Organization for Economic Cooperation and Development (OECD):

Fiscal Transparency Law in Costa Rica

August 2012

Two legal projects have been approved on fiscal transparency and fiscal management, including streamlined procedures for lifting bank secrecy.

A statement from the Ministry of Finance of Costa Rica reads:

TREASURY CELEBRATES APPROVAL OF FISCAL TRANSPARENCY AND STRENGTHENING OF TAX MANAGEMENT

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.

OECD Updates Tax Haven Lists

September 2009

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

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.

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