SAN JOSE, COSTA RICA – September 27th, 2012 – The President of Costa Rica, Laura Chinchilla, and the treasury department (Hacienda) minister, Edgar Ayales, signed into law the “Tax Transparency Law”, as well as the “Tax Enforcement Strengthening Law” yesterday. According to Ayales, these laws will guarantee better tax collection without the need to create new taxes.
“The tax administration will be consolidated through these laws, these laws will make the Public Treasury department stronger,” he added.
Ayales expressed the importance of approving and signing the laws. “We are going to be able to collect more taxes without having to create (more taxes), which will generate a very positive impact on tax collection.”
He also highlighted the importance of the Transparency Act, which he says will bring Costa Rica more in line with developed countries.
President Chinchilla said the laws would serve to reinforce the country’s tax laws and tax collection.
“These are the most important laws created since many years ago. They are going to allow us to overcome certain circumstances that we have gone through in regards to tax transparency, also with the Tax Enforcement Law we will be able to fight evasion and be more efficient in collecting taxes,” said Chinchilla.
The Tax Transparency Law will now permit sharing information about tax evasion and money laundering with other countries, whereas the Tax Enforcement Strengthening Law provides measures that will increase tax collection bring charges to those who evade taxes.