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Costa Rica Signs Seven New TIEAs

by Mike Godfrey, Lowtax.net, New York
25 December, 2013

Costa Rica approved agreements on the exchange of information for tax purposes with seven jurisdictions in December of this year, according to an announcement from the Ministry of Finance.

The legislature of the Central American country approved agreements with Sweden, Norway, Denmark, Iceland, Finland, the Faroe Islands, and Greenland last month.

The agreements allow Costa Rica to effectively implement the international standards established by the Organization for Economic Cooperation and Development (OECD) regarding the exchange of tax information.

Minister of Finance Jose Luis Araya said: "Legislative approval of these seven information exchange agreements represents a breakthrough in international taxation and a major commitment by the country in fiscal transparency and automatic exchange of information relevant for tax purposes."

The country's network of tax information exchange agreements includes Argentina, Australia, Canada, France, Mexico and the Netherlands.

Earlier this year it signed an agreement with the United States on the Foreign Account Tax Compliance Act (FATCA).

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