On 15 January 2018 Panama signed the CRS Multilateral Competent Authority Agreement (CRS MCAA), the agreement for implementing the automatic exchange of financial account information under the Multilateral Convention on Mutual Administrative Assistance. Panama is therefore committed to the automatic exchange of financial account information under the OECD/G20 Common Reporting Standard (CRS). Exchanges of information under the standard are to begin in September 2018. The signing of the agreement will allow Panama to engage in bilateral exchange relationships with the other signatories of the CRS MCAA. Member countries of the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes plan to monitor and review the implementation of the international standard on the automatic exchange of tax information.
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