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Panama Meets International Standard for Tax Information Exchange
Panama recently moved to the OECD's list of jurisdictions considered to have substantially implemented the standard for exchange of information when it signed a tax information exchange agreement with France. This brings Panama's total agreements to the critical 12 that meet the international standard. Taxand Panama reports on the development and looks at the OECD's comments.
OECD Secretary General Angel Gurria said, "Panama has worked hard to achieve this milestone and has made remarkable strides toward complying with the international standards in a very short time. This is very welcome and shows the Global Forum is achieving its aims." However, he cautioned that the Global Forum must still evaluate whether Panama's domestic laws will allow for effective availability, access to and exchange of information".
The Central American country passed from the Grey to the White List after it signed a tax information agreement (TIEA) with France in early July, which has already twelfth TIEA with a foreign jurisdiction and allowed it to meet the minimum required international standard from the OECD.
Panama already signed TIEAs with Italy, the Netherlands, Spain, Qatar, Luxembourg, Korea, Singapore, Mexico, Barbados, Portugal, the US and France within the last 16 months.
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