Panama shares financial accounts data with 31 countries

Panama shares financial accounts data with 31 countries

Panama has started sharing client data with tax authorities in dozens of countries in order to meet OECD global fiscal transparency standards and avoid being put on a blacklist.

Around 660 reports from 337 financial entities make up the first automatic exchange of information made by Panama with 31 jurisdictions, under the Common Reporting Standard (CRS), the country’s tax authorities announced.

Thus far, Panama has committed to exchanging information with jurisdictions including Australia, France, Germany, India, Ireland, Italy, Japan, Luxembourg, Mexico, the Netherlands, Portugal, Spain, and the UK.

The objective of the process is to comply with transparency of the exchanges of financial entities in the country, as well as to determine and identify specific areas of taxation at the local level.

“Today

... read more at: http://www.internationalinvestment.net/regions/latin-america/panama-shares-financial-accounts-data-with-31-countries/

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