After the Legislative Assembly ratified the country's accession to the Organization for Economic Cooperation and Development, the business sector is of the opinion that this will help consolidate the institutional reforms needed to make the State more efficient.
The Assembly informed that by approving in the second debate the bill 22.187, which contains the agreement on the terms of accession, the deputies gave the green light to Costa Rica's accession to the Organization for Economic Cooperation and Development (OECD).
Due to weak competition in the local market, the prices of goods and services in the basic basket are significantly higher in Costa Rica than in nearby countries.
A report by the Organization for Economic Cooperation and Development (OECD), called the "Economic Study on Costa Rica", concludes that consumers in the country pay higher prices for milk, rice, vehicles and Internet services.
After 5 years of managing the admission to the Organization for Economic Cooperation and Development, the Council of the organization agreed to formally extend the invitation to the Central American country to become the 38th member.
The incorporation will allow the country to participate in more than 300 committees and groups to decide on equal terms in the development of innovative solutions to common challenges, such as the emergency in the face of COVID-19, issues associated with climate change and the fourth industrial revolution, among others, reported the Costa Rican presidency.
After the country has completed the 22 required assessments called for in the roadmap, in the coming months the organization's Council should take the decision to invite the country to formally become a member.
The Organization for Economic Cooperation and Development (OECD) issued its formal opinion favorable to the work that the country has been doing to address the recommendations provided by this committee since 2016, in areas such as macroeconomic and fiscal stability, inclusive economic growth, increased productivity and promotion of competition, among others.
Arguing that the country "fulfils all its commitments in terms of fiscal cooperation", the European Union decided to remove it from its list of nations and territories considered as non-cooperative.
Albania, Costa Rica, Mauritius, Serbia and Switzerland have implemented, ahead of schedule, all the reforms necessary to comply with the principles of good tax governance of the European Union (EU).
Since April 21, the agreement that avoids double taxation and mitigates its effects has been in force, as well as helping to eliminate barriers to trade and prevent tax evasion.
On March 21, Law 9644 was published in La Gaceta, corresponding to the agreement between the Republic of Costa Rica and the United Mexican States, which avoids the double taxation of income and wealth taxes.
With the new agreement published in the official newspaper La Gaceta, double taxation is avoided and its effects mitigated, as well as helping to eliminate barriers to trade and prevent tax evasion.
On March 21, Law 9644 was published in La Gaceta, corresponding to the agreement between the Republic of Costa Rica and the United Mexican States, which avoids the double taxation of income and wealth taxes.
The OECD Consumer Policy Committee has approved policies on insurance and private pensions, and recommended improving risk-based supervision and promoting the participation of more insurers.
From a statement issued by the Ministry of Foreign Trade:
San José, January 31, 2018.After a technical review of the regulations in the insurance and private pension sectors (supplementary and voluntary pension schemes), the Private Insurance and Pensions Committee of the Organization for Economic Co-operation and Development (OECD) has issued a favorable ruling for the entry of Costa Rica to said Organization.
The OECD Consumer Policy Committee approved the policy for the sector, but there are pending improvements in financial consumer protection, extending the guarantee period and improving conditions in order to apply it.
From a statement issued by the Ministry of Economy:
The Consumer Policy Committee of the Organization for Economic Cooperation and Development (OECD) has approved the entry of Costa Rica to the Organization.
The OECD Committee on Agriculture has approved a policy for the sector, but warned of the need to raise productivity and reduce excessive agricultural institutions.
With the approval of the Agriculture Committee of the Organization for Economic Co-operation and Development (OECD), the agricultural sector becomes the third of 22 sectors to obtain the necessary approval to complete the process of incorporating the country into the bloc. The OECD has already endorsed public policies on trade and health.
The OECD has pointed to an overabundance of institutions: 11 institutes, 6 corporations, and 9 sectoral committees including organizations for children, young people and rural women.
Nacion.com explains that "...The OECD criticized the large number of institutions in the public agricultural sector and said that this complicates sectoral decision-making.An organizational chart requested of the Executive Secretariat for the Agricultural Sector Planning (Sepsa), attached to the MAG, shows that there are 11 institutions, six corporations (such as Corbana) and nine sectoral committees, among them the National Council Club 4-S "
Central Americans and other Latin Americans are feeling more concerned about what Trump can say or do, than over the only thing that can really change the fate of poverty in the region, which is education.
EDITORIAL
The recently published results of the PISA tests confirm that in the best case, these countries maintain positions midway down the table of global results, and in the worst case have fallen in the objective measurement of quality of the most important resource for economic and social development, people and their cognitive abilities.
From January 1, 2017 the agreement ratified between both parties to avoid double taxation of income and assets will come into effect.
From a statement issued by the Ministry of Foreign Affairs in Costa Rica:
On Wednesday August 10 at the headquarters of the Federal Ministry of Foreign Affairs in Germany, a ceremony was held to exchange instruments of ratification of the agreement between Costa Rica and Germany to avoid double taxation on income and on assets.
The OECD has noted the non compliance with the standards required in terms of disclosure of information on the final beneficiaries of legal persons.
In the revision made by the Global Forum on Transparency and Exchange of Information, at the Organisation for Economic Co-operation and Development (OECD), Costa Rica appears in the list of nations that still have not made significant progress in fiscal transparency.
Transfer pricing and double taxation are two of the topics covered in three bills to reform regulations which the Ministry of Finance has put to public consultation.
One of the proposals is the bill on "Informational declaration of transfer pricing".Crhoy.com explains that"...This empowers the tax authorities to check that transactions between related parties are valued at prices similar to those that would be agreed between independent parties in comparable transactions. "