Costa Rica News – I find humor in the fact that the government which had multiple members mentioned in the Panama Paper is investigating companies that were implicated?
The Ministry of Finance is investigating 69 of 120 companies that were included in Panama Papers. This is because there are strong indications of the useage of practices to achieve tax evasion.
The Deputy Finance Minister, Fernando Rodriguez, explains that it has become clear after some research that “there is a very sophisticated tax planning scheme,” as defined by the Organization for Economic Cooperation and Development.
The schemes used exploit loopholes in legislations, weakness of income tax law and lack of a tax information exchange agreement with Panama. Panama has approved an agreement that will soon exchange such details.
The alleged tax evasion is thought to have been carried out through the creation of offshore companies in Panama. Names of companies and people linked to the crimes are not being disclosed.