Argentina has signed a tax information exchange agreement with Costa Rica, in an effort to tighten up on undeclared bank accounts held offshore by Argentine residents.
Similar agreements were recently signed by Argentina with Andorra and Monaco, but this is the first one of its kind with another Hispanic country.
"With the signing of these accords we take a quantum leap in the fight against tax evasion and fraud, and it is a way of enhancing the transparency of international trade," stated the head of the Argentine tax agency (AFIP), Ricardo Echegaray.
The agreement signed provides for the exchange of information on request, which includes information held by banks, other financial institutions, and any person acting as an agency or in a fiduciary capacity, and information associated with ownership of companies. It also envisages the possibility of tax authorities conducting overseas audits.
According to an AFIP statement, Argentina should sign a customs cooperation agreement with Russia on December 1, and another tax information exchange agreement will be signed with the Bahamas and initialled with San Marino in the first week of December.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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