Costa Rica News – Many people have come to Costa Rica to start their own businesses and have generated wealth form doing so. Being financial transparent and opening up your books is now becoming a requirement for many of these business owners’ home countries, including the USA.
They voted to approve the exchanging of tax information with the Nordic countries of Sweden, Norway, Denmark, Greenland, Iceland, Finland, and the Faroe Islands.
The Finance Minister, Jose Luis Araya, made a statement, on Friday, saying, “The legislative approval of these seven Information Exchange Agreements represents a great advancement in international accountability and an important commitment by the country in terms of fiscal transparency and automatic exchange of information relevant for tax purposes.”
Since 2009, they had similar agreements with Argentina, Australia, Canada, France, Mexico, and the Netherlands. More recently, in the early part of this year, Costa Rica and the United States signed an information sharing agreement, in order to enforce the U.S. Foreign Account Tax Compliance Act.
In the past, Costa Rica was seen as a tax haven by the International Monetary Fund and the Organization for Economic Cooperation and Development (OECD).
These approved transparency agreements are part of President Chinchilla’s plan to prepare Costa Rica’s application to join the OECD.
Big brother is beginning to make sure he sees everything you do both at home and abroad.