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Share Your Tax Information, Costa Rica Obilterating Banking Privacy

Costa Rica News – For all of those trying to hide their money in Costa Rica or not pay their taxes you might want to listen up.  The days of being able to use Costa Rican corporations and to funnel your corporate money under the radar are coming to an end. 

Piggy Bank Some SavingsThe world will soon be without tax havens, if things keep moving in the same direction as they are going now. The latest step in obliterating banking privacy is that 47 nations, including Switzerland, India, and Costa Rica, have agreed to automatically exchange tax information.

The “Declaration on Automatic Exchange of Information in Tax Matters” was signed on Tuesday. India was the strong force behind this, pushing for Switzerland to share details on Indians stashing black money there.

The Organisation for Economic Cooperation and Development (OECD) would like to have a single global standard by which countries share tax information. 47 countries are onboard- not a bad start! The OECD points out that “tax fraud and tax evasion are not victimless crimes,” as they deprive governments of the genuine revenues accrued in their countries.

The plan developed by the OECD asks that countries gather financial information from all of their in-country financial institutions and then exchange that info annually with the other countries. Now that Switzerland and Costa Rica are sharing information with the world, tax cheats will soon have nowhere to hide.

 

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