No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveCosta Rica approves seven more agreements on tax-information sharing

Costa Rica approves seven more agreements on tax-information sharing

As lawmakers ended their 2013 session Thursday, the Finance Ministry reported that the legislature approved seven new agreements on the sharing of tax information with several Nordic countries. 

During the month of December, Costa Rica’s Legislative Assembly approved accords to exchange tax information with Sweden, Norway, Denmark, Norway, Greenland, Iceland and the Faroe Islands.

“The legislative approval of these seven Information Exchange Agreements represents a great advancement in international accountability and an important commitment by the country in terms of fiscal transparency and automatic exchange of information relevant for tax purposes,” said acting Finance Minister Jose Luis Araya, in a statement Friday.

Earlier this year, Costa Rica signed an agreement to share information with the United States about the financial holdings of U.S. citizens living in order to enforce the U.S. Foreign Account Tax Compliance Act, FATCA.

The recently approved tax transparency agreements come as President Laura Chinchilla’s administration works to prepare Costa Rica’s application to the Organization for Economic Cooperation and Development, a club of many of the world’s developed countries.

In the past, both the International Monetary Fund and the OECD have accused Costa Rica of being a tax haven.

Since 2009, Costa Rica has signed similar agreements with Argentina, Australia, Canada, France, Mexico and the Netherlands.

Trending Now

Costa Rica Drivers Face Yearlong Delays as Tárcoles Bridge Undergoes Repairs

Those who frequently use the South Coast Highway, near the Tárcoles river, will have to be more patient.  Repair works have started on the...

Panama Canal Warns of Traffic Decline as Economic Uncertainty Grows

The Panama Canal will take in about $400 million less in the next fiscal year due to a drop in ship traffic caused by...

Guatemala Prisons Erupt in Violence With Guards and Workers Taken Hostage

Gang members rioted this Friday in two prisons in Guatemala and took several guards and civilian employees hostage, a week after uprisings in which...

Costa Rica Replaces One-Lane Bridges as Traffic and Population Grow

As the infrastructure of Costa Rica advances, with new four-lane highways and a series of bypasses around San José that avoid the narrow, congested...

Fan Violence in Latin American Football Spurs Debate on Security and Culture

Images of a fan jumping from the stands to escape a beating as bottles, rocks and seats fly through the air at a game...

Mexico Battles Wildfire Damage with Drone-Based Reforestation

Authorities in the state of Michoacán, in western Mexico, are using drones to scatter seeds from the air in an effort to reforest hundreds...
spot_img
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica