Wednesday, October 10, 2018

Panama has Commenced Automatic Exchange of Information

Panama has commenced its automatic exchanges of information in order to meet OECD global standards, the government has announced. The country will be exchanging information with 33 countries.  

Panama’s CFO, David Hidalgo, Said That It Was Important for the Country to ‘Respect These Standards and Our Commitments so As Not to Be on a Black List of Tax Havens.’

According to the OECD on 01/15/2018 the Director-General of Revenue and the delegated Competent Authority of Panama, Publio Ricardo Cort├ęs, signed the CRS Multilateral Competent Authority Agreement‎ (CRS MCAA), in presence of OECD Deputy Secretary-General Masamichi Kono.
 Panama was the 98th jurisdiction to join the CRS MCAA, which is the prime international agreement for implementing the automatic exchange of financial account information under the Multilateral Convention on Mutual Administrative Assistance.

The signing of the CRS MCAA will allow Panama to activate bilateral exchange relationships with the other 97 jurisdictions that have so far joined the CRS MCAA.
By signing the CRS MCAA , Panama is re-affirming its commitment to the automatic exchange of financial account information pursuant to the OECD/G20 Common Reporting Standard (CRS), with exchanges set to commence in September 2018 and it is now October 2018. 

Do You Have Undeclared Income from an Offshore Bank?
Is Your Name Being Handed Over to the IRS?
Want to Know if the What IRS Program is Right for You?
Contact the Tax Lawyers at 
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