On 12 March 2017, the Tax Information Exchange Agreement (TIEA) between Japan and Panama will enter into force. For criminal tax matters, the agreement generally applies from 12 March 2017 and for all other tax matters from 1 January 2013. This Agreement provides for the effective exchange of information regarding tax matters between the tax authorities including automatic exchange of information which is necessary for the exchange of financial account information based on the international standards formulated by the OECD, and is expected to contribute to the prevention of international tax evasion and tax abuse.
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