- The Common Reporting Standard is an international standard developed by the OECD.
- The deadline for submitting observations and comments on this project is March 4 to 18, 2025.
The Directorate General of Taxation has opened the public consultation period for the Draft Resolution on objective selection criteria and risk criteria for the execution of supervision, verification and monitoring of CRS reporting for the year 2025. This regulation defines the parameters with which the Tax Administration identify financial entities subject to supervision, ensuring compliance with the automatic exchange of tax information with other jurisdictions.
The Common Reporting Standard (CRS) is an international standard developed by the Organization for Economic Co-operation and Development (OECD) that requires entities to to report information on financial accounts financial institutions of foreign taxpayers. This mechanism allows foreign taxpayers to tax administrations of different countries to exchange information automatically, strengthening the fight against tax evasion and promoting global financial transparency. Costa Rica committed to implement the CRS by acceding to the OECD Convention on Mutual Administrative Assistance in Tax Matters and by signing the Multilateral Agreement between Competent Authorities on Automatic Exchange of Financial Account Information.
The project establishes the selection criteria and risk for the supervision of financial institutionsconsidering factors such as the volume of accounts reported, inconsistencies in the information submitted and compliance history. Interested parties may send comments from March 4 to March 18, 2025 to TributacionInter@hacienda.go.cr.
CRS compliance is a key issue for financial institutions, and its correct application can make the difference in preventing penalties and fiscal risks. At ICS, we have a team of experts in international taxation, tax compliance and due diligence who can advise you every step of the way.
If you want to understand how CRS impacts your company, need support in monitoring and verifying reports or simply want to make sure you are in compliance with current regulations, feel free to contact contact us at. We are here to provide you with efficient and strategic solutions.