Panama adopts fiscal transparency compliance policy

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On 2 February 2017, According to Executive Decree 10, Panama’s fiscal transparency compliance policy is adopted that was issued by the President and published in the Official Gazette. It includes joining the OECD Automatic Exchange of Information Agreement in tax matters on a reciprocal basis in accordance with the Common Reporting Standard developed by the OECD. It will be effective from 2018; developing domestic regulatory framework for the implementation of the Automatic Exchange of Information Agreement; joining the multilateral Convention on Mutual Administrative Assistance in Tax Matters and negotiating a bilateral competent authority agreement. The Executive Decree entered into force on 2 February 2017.

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