25 November 2009 – Costa Rica announced that it has signed a tax information exchange agreement with Argentina. The agreement, which meets the internationally agreed standard for exchange of information for tax purposes, is the first such agreement signed by Costa Rica. It provides for various forms of exchange of information, including exchange of information on request, simultaneous and industry-wide examinations, and tax examinations abroad.
Jenny Phillips Aguilar, Costa Rica’s Minister of Finance explained Costa Rica’s efforts to adhere to OECD standards. “Given the global economic reality, the exchange of tax information between nations is fundamental for the best application of tax systems in the face of the exigencies of the international community in this matter”. Costa Rica is a country committed to transparency and that is why this is the first of many conventions that we will sign in the coming months and for which we have already initiated contacts with countries such as Mexico, France, Holland, Switzerland, Germany, Brazil, Canada, Chile and Colombia, among others.”
Costa Rica committed to implement the internationally agreed tax standard earlier this year and it is also in the process of amending its domestic legislation to ensure that it has all the powers necessary to respond effectively to requests for the exchange of information.
Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, said: “It is encouraging to see progress in such an important Central American country. Costa Rica has acted quickly to implement the commitment made in April. We look forward to working with Costa Rica through the Global Forum on Transparency and Exchange of Information and on other issues of mutual interest.”