The delay in the approval of the bill “Law to improve the fight against tax fraud” puts Costa Rica’s fiscal revenues in a difficult situation and calls into question some international commitments such as those made by the country due to its interest in entering the Organization for Economic Co-operation and Development (OECD).
Within 15 days the country must submit a report that explains what reforms have been made to reach OECD’s goals. The Government hoped to include the law among past year achievements, however, legislators have not approved it.
This was explained by Priscilla Piedra, Taxation pro-tempore director, who said that the effective implementation of international standards on tax transparency and information exchange is highly important for many jurisdictions around the world.
The deadline to deliver the report will expire on July, 31st and it aims to describe the measures taken by those jurisdictions that have been evaluated by the Forum.
If there is a legislative approval, an extraordinary report will be made.