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Panama Signs OECD's Multilateral Tax Cooperation Pact

by Ulrika Lomas, Tax-News.com, Brussels

15 January 2018


On January 15, 2018, Panama signed the Common Reporting Standard Multilateral Competent Agreement, becoming the 98th jurisdiction to join the pact.

The OECD describes the CRS MCAA as the prime international agreement for implementing the automatic exchange of financial account information under the Multilateral Convention on Mutual Administrative Assistance, which provides for all forms of administrative cooperation in tax matters, including automatic tax information exchange and exchange of information on request.

The OECD said, by signing the CRS MCAA, Panama has reaffirmed 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. 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, it said.

At the signing ceremony, Deputy Secretary-General Masamichi Kono said: "I congratulate Panama on taking this very substantial step towards putting in place a truly global exchange network for the automatic exchange of financial account information. Your signing today puts Panama is an excellent position to fully deliver on its commitment to start CRS exchanges with all interested appropriate partners in September of this year."

TAGS: compliance | Foreign Account Tax Compliance Act (FATCA) | tax | tax compliance | tax avoidance | interest | FATCA | G20 | Panama | Compliance | Tax | Tax Evasion

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