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Panama's Cabinet on September 6, 2016, endorsed legislation to ensure the nation complies with the latest international tax transparency initiatives.
The legislation would improve fiscal transparency in both the private and public sector and ensure that information is made available by the territory's financial institutions.
Among other things, the legislation would empower the Ministry of Economy and Finance to better collect information required to be exchanged with other countries and compel it to improve its oversight of company reporting.
The Bill will be considered by the National Assembly before the end of the year.
On September 8, 2016, the World Bank Board of Executive Directors approved a USD300m loan to support Panama's efforts to improve fiscal management and adhere with international tax transparency standards.
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