Panama: Tax Information Exchange Facilitated

  • Thursday, February 16, 2017
The Convention on Mutual Tax Assistance approved by the Assembly increases, from 30 to 107, the number of partner jurisdictions or nations with whom Panama can exchange information.
From a statement issued by the Ministry of Economy and Finance:  

With Panama's accession to the Convention on Mutual Administrative Assistance in Tax Matters (MAC), the country has increased the number of partner jurisdictions or nations with which it can perform an exchange of information from 30 to 107. This measures reiterates the commitment to international standards of fiscal transparency, which is essential for protecting the integrity of the country as a service center.

Publio Cortés, General Director of Revenue, said that the Convention "allows the exchange of tax information at the request of signatory jurisdictions, but does not in itself imply automatic exchange, but rather allows for bilateral negotiations through means of agreements between the competent authorities in order for automatic exchange to take place".

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