Two legal projects have been approved on fiscal transparency and fiscal management, including streamlined procedures for lifting bank secrecy.

A statement from the Ministry of Finance of Costa Rica reads:

TREASURY CELEBRATES APPROVAL OF FISCAL TRANSPARENCY AND STRENGTHENING OF TAX MANAGEMENT

The Treasury welcomed the adoption on the second reading of Bill number 17677 for Compliance in Tax Transparency Standards, and the number 18 041, the Bill to Strengthen Tax Management.

With the adoption of the Fiscal Transparency bill, the country will be in compliance with the standards of fiscal transparency of the Organization for Economic Cooperation and Development (OECD).

The main change that occurs through the enactment of this Act is that the country can, through the Directorate General of Taxation, exchange with other jurisdictions with which it has information exchange agreements, all tax information requested, including banking information that was previously difficult to share. In this way the country will be part of the global network to prevent international tax avoidance and evasion.