Mexico and Costa Rica have signed an agreement providing for the mutual exchange of information on tax, designed to combat tax evasion and comply with international standards.
The Mexican government announced the deal on May 17, but stated the agreement had been signed on April 25. The tax information exchange agreement (TIEA) will cover taxes of every kind, and also apply to any new taxes imposed after the date of the treaty's signature, which are identical or substantially similar to, and add or replace existing ones.
The TIEA also permits Mexico to request information held by banks and other financial institutions in Costa Rica.
A Mutual Agreement Procedure is included to provide resolution for any conflict over the TIEA's application and interpretation.
Mexico's government has stressed that, by following guidelines set out by the Organization for Economic Co-operation and Development, the agreement represents its continued efforts to build a treaty network based on cooperation, with a view to encouraging transparency, the effective exchange of information, and the strengthening of the country's tax revenues.
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The Mexican government announced the deal on May 17, but stated the agreement had been signed on April 25. The tax information exchange agreement (TIEA) will cover taxes of every kind, and also apply to any new taxes imposed after the date of the treaty's signature, which are identical or substantially similar to, and add or replace existing ones.
The TIEA also permits Mexico to request information held by banks and other financial institutions in Costa Rica.
A Mutual Agreement Procedure is included to provide resolution for any conflict over the TIEA's application and interpretation.
Mexico's government has stressed that, by following guidelines set out by the Organization for Economic Co-operation and Development, the agreement represents its continued efforts to build a treaty network based on cooperation, with a view to encouraging transparency, the effective exchange of information, and the strengthening of the country's tax revenues.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
Support the Freedom of Speech of our Community
Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.