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COSTA RICA |
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Costa Rica Signs Deal With Argentina To
Track Down Hidden Funds
Costa Rica has signed and agreement with
Argentina to share banking information, in
the latest move to tighten the noose on
Argentines with cash hidden in overseas tax
havens. The deal is designed to stop
tax evasion and fraud by exchanging tax
information.
The agreement also allows the lifting of
banking secrecy and allowing agents to
conduct investigations overseas, according
to the Ricardo Echegaray, director of
Argentina's tax agency, or AFIP.
The push comes as part of a drive of the
government of Argentina to catch tax cheats
who failed to come forward before the Aug.
31 end of an amnesty program for Argentine
companies and individuals with hidden funds
and unpaid taxes. Argentina is also expected
to sign similar deals next week with the
Bahamas and San Marino,
The amnesty plan hauled in us$8.5 billion,
surpassing expectations, but still leaves a
large amount of funds held by Argentines
overseas or suspected to be hidden from
authorities.
According to various estimates, Argentines
have well over us$100 billion in funds
invested overseas.
Just under 170,000 companies and individuals
took advantage of the amnesty plan, paying
ARS14.7 billion in debt owed to AFIP.
Almost 36,000 individuals legalized
undeclared funds under the amnesty, bringing
in ARS18.1 billion hidden by individuals
overseas.
Individuals were allowed to declare their
hidden stashes and wipe the slate clean by
paying an 8% tax, or just 1% if the funds
are invested in real estate or capital
goods. That compares with an income tax as
high as 35% that would have been paid on
most of the funds.
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