Costa Rica Adopts OECD proposals to exchange financial information for tax matters.
Costa Rica has been under pressure from the Organization for Economic Co-operation and Development (OECD) to share financial information on tax related matters.
As a result in Costa Rica became the first country in Central America to sign the OECD Convention on Mutual Administrative Assistance in Tax matters.
The goal of the convention is to provide governments with the necessary legislation so that they may cooperate to fight offshore tax evasion and avoidance. Pursuant to the exchange agreement member countries would share administrative assistance on a multilateral basis.This would allow them to request and exchange information, simultaneous tax examinations and assistance in tax collection.
The following are some of the countries that are signatories to the convention:
Argentina, Australia, Belgium, Brazil, Canada, Costa Rica, Denmark, Finland, France, Georgia, Germany, Greece, Iceland, India, Indonesia, Ireland, Italy, Japan, Korea, Mexico, Moldova, Netherlands, Norway, Poland, Portugal, the Russian Federation, Slovenia, South Africa, Spain, Sweden, Turkey, Ukraine, the United Kingdom and the United States.