Costa Rica continues to strengthen its fiscal transparency and international information exchange mechanisms, in line with its commitments to the Organization for Economic Co-operation and Development (OECD). Recently, the Ministry of Finance reiterated the importance of international reporting standards and cooperation among tax administrations, especially regarding financial accounts, corporate structures, and international operations.
These measures aim to combat tax evasion, increase the traceability of cross-border transactions, and improve the tax authorities' auditing capabilities. Likewise, companies with international operations, investments abroad, or corporate structures outside the country will need to pay special attention to their documentation, reporting, and tax compliance obligations.
The strengthening of these mechanisms also increases the automatic exchange of financial information between jurisdictions, allowing tax administrations to access relevant data on assets, accounts, and financial transactions held abroad.
In this context, it is increasingly important for taxpayers to review their international corporate and tax structures to ensure consistency between locally reported information and that which may be shared among tax authorities globally.
This has been a news service prepared by ICS. For more information about the report, write to info@ics.cr or call 2519-9992. ICS, tax specialists.