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IMF: Panama Should Improve Tax Transparency

by Mike Godfrey, Tax-News.com, Washington

12 October 2018


The Panamanian Government's failure to fully embrace the international tax transparency agenda could lead to "reputational damage" for Panama, the International Monetary Fund (IMF) has warned.

In the concluding statement of its latest country review, the IMF described Panama's lack of progress towards adopting outstanding Financial Action Task Force (FATF) recommendations, particularly the criminalization of tax evasion, as a "key domestic failure."

"Making tax crimes a predicate offense to money laundering by approving the draft legislation under consideration without further delay and ensuring the availability of beneficial ownership and accounting records of Panamanian entities are important to avoid being listed as a non-cooperative jurisdiction, and thereby eroding the recent gains," the statement said.

"Actions being taken to share tax information more widely and promptly under the OECD's common reporting standard and the Multilateral Competent Authority Agreement should continue," the statement added. "Going forward, the priority should be to further advance the implementation of tax transparency initiatives towards a successful Global Forum's forthcoming assessment against enhanced standards."

The IMF also urged Panama to implement minimum BEPS standards in line with its commitments as a member of the OECD/G20 BEPS Inclusive Framework.

TAGS: tax | accounting | legislation | G20 | standards | Panama | Tax | Tax Evasion | BEPS

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