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Today’s Top Headlines

EUROsociAL Advises Costa Rica On Tax Transparency

by Mike Godfrey,, Washington

25 April 2016

A team of experts visited Costa Rica between April 4 and 8, 2016, within the framework of EUROsociAL, a program funded by the European Union, to advise the Ministry of Finance on international best practices on transparency and information exchange for tax purposes.

In the latest evaluation by the Global Forum on Transparency and Information Exchange for Tax Purposes (October 2015), Costa Rica was generally rated as "partially compliant," with a rating of "non-compliant" in some areas. In general terms, the international standards require compliance in three areas: i) availability of information and records; ii) access to this information by the government; and iii) the existence of exchange mechanisms.

In this context, Costa Rica requested the support of EUROsociAL to learn international best practices used by tax administrations to collect and access information on the beneficial owners of legal entities; best practices for guaranteeing proper use of taxpayer information by tax administrations; and recommendations on computer security within tax administrations.

EUROsociAL was established to promote cooperation between Europe and Latin America.

TAGS: compliance | Finance | tax | tax compliance | tax avoidance | Costa Rica | standards | Europe | Tax | Tax Evasion

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