terminal_point_of_saleQCOSTARICA via Tax-News.com – Costa Rica has welcomed recognition from the Organisation for Economic Cooperation and Development for its progress on tax transparency reforms.

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes on October 30, 2015, released a report following its “Phase 2” review of Costa Rica’s exchange of information practices. The report noted that Costa Rica has improved information exchanges with other countries and was assigned an overall rating of “partially compliant” with OECD standards.

The country’s Vice President and Minister of Finance, Helio Fallas, welcomed the rating. “It is important that the country takes seriously its commitment to being a cooperative jurisdiction in transparency and exchange of tax information,” he said.

The Global Forum identified some deficiencies in Costa Rica’s tax system. In particular, it said the country was not doing enough to ensure compliance with the obligations to maintain ownership and identity information, particularly for inactive entities.

Fallas said that the Government is committed to addressing the deficiencies identified by the Global Forum as part of its bid to join the OECD.

In July this year the 34 OECD members adopted the Roadmap for the Accession of Costa Rica to the OECD Convention, setting out the terms, conditions, and process for its accession. As part of the accession process, the OECD will evaluate Costa Rica’s implementation of the Organisation’s policies, practices, and legal instruments.

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