Mexico and Costa Rica have signed an agreement providing for the mutual exchange of information on tax, designed to combat tax evasion and comply with international standards.
The Mexican government announced the deal on May 17, but stated the agreement had been signed on April 25. The tax information exchange agreement (TIEA) will cover taxes of every kind, and also apply to any new taxes imposed after the date of the treaty's signature, which are identical or substantially similar to, and add or replace existing ones.
The TIEA also permits Mexico to request information held by banks and other financial institutions in Costa Rica.
A Mutual Agreement Procedure is included to provide resolution for any conflict over the TIEA's application and interpretation.
Mexico's government has stressed that, by following guidelines set out by the Organization for Economic Co-operation and Development, the agreement represents its continued efforts to build a treaty network based on cooperation, with a view to encouraging transparency, the effective exchange of information, and the strengthening of the country's tax revenues.
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.aspTags: tax | offshore | agreements | banking | financial services | banking secrecy | offshore confidentiality | Organisation for Economic Co-operation and Development (OECD) | tax information exchange agreement (TIEA) | Costa Rica | Mexico | tax avoidance | services | Mexico | Organisation for Economic Co-operation and Development (OECD)
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment