PANAMA CITY, June 9, 2017 /PRNewswire/ -- Panama and Mexico signed today a Competent Authorities Exchange of Tax Information Agreement, in accordance with Panama's commitment to the Common Reporting Standard (CRS) of the Organization for Economic Cooperation and Development (OECD). The agreement will enter into force next year, when tax authorities of both countries will start sharing information about financial accounts for the year of 2017.
Publio Cortes, Director of Panama's Tax Authority, highlighted that "the agreement adheres to the framework of the Mutual Administrative Assistance Convention (MAC) of the OECD, signed and ratified by Panama earlier this year, and it allows for both countries to agree on the scope and form of automatic exchange of information." Negotiations were carried out by a team of the Panamanian Minister of Economy and Finance, and a Mexican Tax Administration Authority.
This agreement is one more step of President Varela's administration in its commitment to financial transparency and its fight against international tax evasion. Panama is currently negotiating similar agreements with Spain, Italy, Germany, the United Kingdom, and Switzerland, with the goal of complying with its adherence to the CRS.
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SOURCE Panama Ministry of Economy and Finance