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Costa Rica Commits To Enhanced Tax Transparency

Thursday, June 11, 2015

Costa Rica has signed the OECD's Multilateral Competent Authority Agreement, committing to exchange tax information with other nations' tax authorities on an automatic basis.

The MCAA implements the OECD's new Standard for Automatic Exchange of Financial Information in Tax Matters. Under the agreement, Costa Rica will make available certain financial account information, including information on balances, interest income, dividends income, and sales proceeds from financial assets. The agreement covers accounts held by individuals and entities, including trusts and foundations.

Noting the signing of the agreement, Costa Rica's vice revenue minister, Fernando Rodríguez, said: "Tax cooperation between countries is essential in the fight against tax evasion."

To date, 94 jurisdictions have committed to implement the Standard and begin the first automatic information exchanges either in 2017 or 2018.

Australia, Canada, Chile, India, Indonesia, and New Zealand have also recently signed the MCAA, bringing the total number of signatories to 61.