According to the choice approved by the Ministers of Economy and Finance, the list of tax havens updated by the European Union consists of sixteen territories: the 4 included Russia, Costa Rica, the British Virgin Islands, and the Marshall Islands; Panama, American Samoa, Fiji, Guam, Palau, Trinidad and Tobago, Samoa, the United States Virgin Islands, Vanuatu, the Bahamas, Anguilla, and the Turks and Caicos Islands, which were currently on the list.The list, upgraded every 6 months, consists of countries that do not comply with EU requirements on tax openness, tax fairness, or the execution of global guidelines to avoid the erosion of tax bases or earnings shifting and do not take actions to deal with these issues.Billions of US dollars are lost due to the transfer of multinationals revenues to tax havens (Photo web reproduction)COSTA RICAS RESPONSEThe Costa Rican presidential site stated in a press release the previous day that the step was due to the failure to adhere to the dedication made by the previous federal government to reform the tax system to tax passive overseas earnings by December 31, 2022.

According to European Union regulations, passive income earned by a person or company abroad need to be taxed in Costa Rica to prevent unjust competition between nations tax systems and to ensure that there is tax-free income, the Costa Rican government included.

Although it can not be ensured that the sanctions of all EU member states will be prevented, the government (of Rodrigo) Chaves Robles is collaborating actions to make sure that the influence on investment is reduced, the communiqué concluded.According to the choice approved by the Ministers of Economy and Finance, the list of tax havens upgraded by the European Union includes sixteen territories: