Costa Rica Tax Authority Sets Deadline for Financial Entities to Report Under CRS and FATCA

The Costa Rica Tax Authority has recently announced a crucial deadline for financial entities subject to reporting. According to the Ministry of Finance website, these entities must report their financial accounts under the Common Reporting Standard (CRS) of the Organisation for Economic Co-operation and Development, as well as the United States Foreign Account Tax Compliance Act (FATCA) for the fiscal period of 2022. This deadline has been set for the 31st of July 2023.

The reporting of financial information for CRS and FATCA purposes is an essential aspect of Costa Rica’s commitment to promoting the exchange of tax information and ensuring fiscal transparency. Financial entities must conduct due diligence in order to obtain this vital financial information.

Regarding the Automatic Exchange of financial information under the CRS, Costa Rica currently maintains 76 active exchange relationships. These relationships serve the purpose of exchanging information related to the reporting period of 2022. This data, sourced from the Ministry of Finance and updated as of October 2022, highlights Costa Rica’s dedication to fostering transparency and international cooperation in the realm of taxation.