The convention, developed jointly by Organization for Economic Cooperation and Development (OECD) and the Council of Europe, has been open to all countries since June 1, 2011.

The agreement is aimed at countering cross-border tax evasion and ensuring compliance with national tax laws.

"Costa Rica continues to make good progress in transparency and exchange of information," said OECD Secretary General, Angel Gurria. "Ratifying the Multilateral Convention represents another important step forward. I congratulate Costa Rica for being the first country in Central America to ratify it and I hope other countries in the region will follow their lead."

The convention provides a multilateral basis for a wide range of administrative assistance, including information exchange on request, automatic exchange, simultaneous tax examinations and assistance in the collection of tax debts. The Convention will enter into force for Costa Rica on 1 August 2013.