13 November 2018 Costa Rica ratifies exchange of information agreement relating to tax matters with Korea The TIEA allows the tax authorities in Costa Rica and Korea to exchange information related to tax examinations. Taxpayers should be aware, however, that the TIEA has not entered into force yet and will not enter into force until the contracting parties notify each other of the completion of their internal procedures. Through publication in Official Gazette No. 207 (November 8, 2018), Costa Rica enacted Law No. 9611, ratifying the Tax Information Exchange Agreement (TIEA) between the Government of the Republic of Costa Rica and the Government of the Republic of Korea. The TIEA provides for the effective exchange of information on request between tax authorities for tax and criminal tax matters. This information includes any information that is relevant to: (1) the determination, assessment and collection of taxes; (2) the recovery and the enforcement of tax claims; or (3) the investigation or prosecution of tax matters. The TIEA will apply to all taxes that are currently in force and taxes imposed after the TIEA's signature date. Contracting parties may allow representatives of the competent authority of the other contracting party to enter the territory to interview and examine records with the consent of the persons subject to the examination (tax examinations abroad). The TIEA's provisions will apply to criminal tax matters and all other tax matters in tax periods beginning on or after the entry-into-force date. The TIEA will not enter into force until the contracting parties notify each other of the completion of their respective internal procedures.
Document ID: 2018-2272 | |||||||||||||||||||||