Tax Bulletin

April 2016

Tax information

Current Base Salary


Current Interest Rate
(As from March the 1st, 2016)


Late payment penalty rate
(month or part month)


Reference Exchange rate BCCR USD
(April 3rd, 2016)





Common Reporting Standard, Costa Rica and the pending steps

Costa Rica will begin on January 1st, 2017 the implementation and compliance of the Common Reporting Standard (CRS) developed by the Organisation for Economic Co-operation and Development (OECD). This implies that the financial entities should apply due diligence procedures over the accounts of their clients and report the taxpayers of any of the 96 countries that are part of this initiative. The due diligence procedure consist in the research of indicia on the accounts information that determine the tax residency of the clients.

Implementation Steps of CRS. According to CRS, every country should comply with the following four steps to implement the CRS: (i) Translating the reporting and due diligence requirements into domestic law, (ii) Select a legal basis for the exchange of information, (iii) Put in place the administrative and IT infrastructure to collect and exchange information under the Standard and (iv) Protect confidentiality and data safeguards.

Despite that Costa Rica already has 19 Information Exchange Agreements, the CRS requires that the Country sign a Model Competent Authority Agreement with each participant jurisdiction in order to activate and operate the information exchange.

On April 27, 2016, the Tax Authorities published the regulation project called “Resolution regarding the Due Diligence on the Information Supply of the Financial Entities for the Tax Information Automatic Exchange, according to CRS.” The regulation was published on the website of the Tax Authorities in order to receive feedback from the involved parties.

Finally, it is still pending that the Government define the administrative and IT Infrastructure in order to allow the financial entities to comply with the requirements of the CRS.

Ricardo Valverde
Tax & Legal Services

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