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U.S. Policy Wins. Costa Rica is the Latest Latin Country Wanting to Avoid Being Seen as a Tax Haven.

Article Summary:

Costa Rica’s Director of Taxation has called to restart discussions on fiscal transparency for his country, specifically the topic of compliance with the tax transparency demands made by Costa Rica’s Fiscal Committee of Congress.. The director is seeking to extend powers beyond that of auditing and lift bank secrecy standards so that Costa Rica is not seen as a tax haven.

Photo Credit: Prensa Libre

Original Article Text From Prensa Libre via Google Translate :

REQUESTS FURTHER TAX AUTHORITY TO RAISE BANK SECRECY

The Fiscal Committee of Congress wants to restart discussion of fiscal transparency while restarting the discussion of the proposed compliance standards on tax transparency, precisely because of this forum, the Director of Taxation, Francisco Villalobos, called yesterday afternoon to extend the powers and to order the lifting of bank secrecy, beyond audits.

This is because it would give the chief and his deputies more ability for tax administration and to oversee certain professions that have a strong tendency toward tax evasion.

Yesterday, the Commission agreed for an audience with the Director of Taxation and Finance Minister, Fernando Herrero, who requested a recess to join the consultations criteria before deputies put the proposals to work without the approval of a judge.

Also, the issue of rising powers needed application of conversations between Smith and Villalobos, which was reached at the end of the session without the two hierarchs had returned to their seats.

How judge or Not?
Another of the arguments that have delayed the progress of a major project to clean up the image of the country by the Organization for Economic Cooperation and Development (OECD) is that Costa Rica is seen a tax haven, and that it is important that a judge to allow to lift bank secrecy.

Supporters of keeping the figure are the Libertarian Movement and the Costa Rican Union of Chambers and Associations of Private Enterprise (UCCAEP), who claim to defend the rights of bank customers against possible violations of their accounts.

Luis Fishman, president of the Fiscal Commission, and Deputy Villalobos Sianny precisely the leaders asked whether the figure of the judge, according to technical criteria, it is necessary or not. The answer, in the absence of the leaders, remained pending.

Fewer tax haven
The Finance Minister explained that since there are 12 agreements signed tax information exchange with different countries. “They are signing the agreements with the Nordic countries,” said the chief. Last night was passed in first reading the bill containing the agreement with the Kingdom of the Netherlands for the exchange of information.

Link to Original Article:

From Prensa Libre

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