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 did not implement the reforms to which it had committed itself within the agreed time frame, the European Union decided to include it again in its list of non-cooperating territories in fiscal matters.
The Central American country was excluded from Russia's list of nations that do not exchange information for tax purposes, on which it had been on since 2016.
The confirmation announcement was made by Russian Deputy Foreign Minister Sergei Riabkov during the presentation of the credentials of Panama's new ambassador to the Russian Federation, Efrain Villarreal, reported the Panamanian Foreign Ministry.
The French government reported that it removed Guatemala from the list of countries that do not cooperate with the exchange of fiscal information, but kept Panama.
The European country's authorities reported that Guatemala was removed from the list because it ratified the convention on mutual administrative assistance in tax matters of the Council of Europe and the Organization for Economic Cooperation and Development (OECD).
An agreement was signed to create a working group on fiscal and financial transparency cooperation, with the aim of removing Panama from the French list of non-cooperating countries in tax matters.
The Ministry of Economy and Finance of Panama reported that the working group will contribute to strengthening cooperation, improving the exchange of fiscal information, promoting financial transparency and the fight against money laundering, focusing on finding more efficient mechanisms and practices for the exchange of information for fiscal purposes, within the framework of the provisions of the tax agreements in force between the parties, including all aspects of the process, from the preparation and sending, to the receipt and response of requests for exchange of information.
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).
Arguing that it does not comply with the standards on transparency and exchange of information for tax purposes, the OECD evaluated Guatemala negatively and recommended working on direct access to taxpayers' banking information.
As planned, following the temporary suspension by the Constitutional Court (CC) of the article of law facilitating access to taxpayers' bank information, the Organization for Economic Cooperation and Development (OECD) decided to include Guatemala in the list of countries that do not comply with their fiscal information commitments.
In its next evaluation, the OECD could lower Guatemala's rating, because in August last year access to bank information with a court order was suspended, which could lead to an increase in the credit price.
In the new version of the European Union's list of non-cooperating countries in fiscal matters, the Central American country no longer appears.
In December 2017, Panama was included by the Council of Ministers of Economy and Finance of the European Union in Annex II of the List of non-cooperative jurisdictions in fiscal matters.
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.
Government authorities reported that the country has been removed from the list of countries considered non-cooperating in tax matters, after it was included in December 2017.
In a statement published by the Ministry of Foreign Affairs of Panama, it is stated that "... the Council of Economic and Financial Affairs of the European Union, known as ECOFIN, decided to exclude Panama from the list of non-cooperative countries in tax matters, in which our countrywas included on December 5, 2017."
After two years of negotiations the European Union has reached a consensus and defined a list of 17 nations considered to be "tax havens", among which is Panama.
For the first time, tax authorities in the European Union have announced the creation of a black list, composed of 17 countries considered "non-cooperative jurisdictions in fiscal matters".
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