Costa Rica On OECD Blacklist
Friday, April 3rd, 2009Costa Rica is tax haven according to the Organization for Economic Co-operation and Development (OECD), citing Costa Rica as one of four nations not co-operating with international tax norms. The other nations are Malaysia, Philippines and Uruguay.
The OECD report was prepared at the request of the Group of 20 developed and developing nations who are meeting in London.
Costa Rica could face sanctions for its non compliance, which according to the OECD report, never was committed to respecting international norms.
The OECD basis compliance on four points: insignificant or non existing taxes, lack of transparency, lack of exchange of tax information with other countries and attracting companies with fictitious activities.
Jenny Phillips, vice-ministra de Hacienda (Revenue vice-minister), said she would not give a statement until she has had a change to fully study the OECD report.
While Costa Rica is on the OECD black list, Panama and Guatemala are on the grey list of countries that have yet to implement their tax standards.
The OECD is made up of 30 member countries: Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States.
The OECD brings together the governments of countries committed to democracy and the market economy from around the world. The Organization provides a setting where governments compare policy experiences, seek answers to common problems, identify good practice and coordinate domestic and international policies.
