Business chamber calls for continuing bank secrecy here

The employer sector has come out against a legislative bill that would allow tax officials and others to get banking information on individuals and companies without making a case to a judge.

The organization, the Unión de Costarricense de Cámaras y Asociaciones del Sector Empresarial Privado, said that the proposed law, No. 17.677, goes way beyond what Costa Rica promised to do as for the international Organization for Cooperation and Economic Development. Costa Rica
has signed a number of tax treaties with other countries, and that should be enough, the chamber said.

The chamber noted that the country no longer was on the international organization ‘s black list as a so-called tax paradise.

The chamber said that elimination of bank secrecy might mean that anyone could get their hands on sensitive financial data. The chamber said that many other countries in Latin America as well as to the north have bank secrecy, and the order of a judge is required for tax officials and investigators to get access.

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