As the region gets ready to start complying with the US law FATCA, OECD countries are already working on a Single Global Standard for automatic exchange of information.
FATCA could now be joined by the European OECD countries Single Global Standard for Automatic Clearing of CRS Information (Gatca), "... allowing tax information on their residents to be shared between them."
The private sector in Costa Rica is having doubts over the ability of the Treasury to prevent information leaks, if approval is given to a requirement for companies to disclose shareholder information.
The business sector fears that the authorities will not be able to control possible leaks of confidential data which companies must provide if the decree proposed by the Directorate General of Taxation is approved.
An initiative that is being discussed in the Legislative Assembly would lift bank secrecy with regards to tax matters, without the need for an order to be given by a judge.
Reform to the Code of Tax Rules and Procedures would allow tax authorities to access client's bank information, if needed. This amendment is part of the requirements for the country to join the Organization for Economic Cooperation and Development (OECD).