4/7/2011 – Costa Rica has recently signed agreements allowing for exchange of tax information with Australia and the Nordic economies, bringing its total network of exchange of information treaties to 12 and moving it to the list of jurisdictions considered to have substantially implemented the internationally agreed tax standard.
Costa Rica has participated in the OECD’s multilateral TIEA negotiation program, and has also actively pursued its own schedule of negotiations. It continues to develop its network of exchange of information agreements and is in the process of concluding agreements with a number of other partners that it hopes to sign shortly.
For the purposes of the progress report on the implementation of the standards, jurisdictions having signed at least 12 agreements that meet the internationally agreed tax standard are considered to have substantially implemented that standard. Accordingly, Costa Rica now, becomes the 35th jurisdiction to move to the substantially implemented category since the progress report was first issued in April 2009.
Costa Rica is a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes and will undergo a review of its legal and regulatory framework for information exchange later this month.