The country made a commitment to implement the automatic exchange of financial information, but it will bilaterally.
A delegation of the Global Forum on Transparency and Exchange of Tax Information of the Organisation for Economic Co-operation and Development (OECD) will be in Panama from today until 4 next March to verify the country’s ability to implement the standards of information exchange tax.
In October 2015, Panama became Phase 2 peer review process conducted by the Global Forum, after it was established that the Panamanian legal framework meets international expectations on transparency and exchange of information.
In this second phase, the practical application of the Panamanian regulatory framework is verified.
The delegation is composed of members of the Secretariat of the Global Forum, as well as representatives of the competent authorities of South Africa and the United Kingdom.
For Panama, will participate in charge Chancellor Luis Miguel Hincapie, representatives of the Directorate General of Revenue of the Ministry of Economy and Finance, the Superintendency of Banks, the Public Registry and other entities involved in the process.
The ability of the current administration to transmit this review group, from a technical perspective, the effectiveness of the Panamanian legislation will be key to getting a good result of this on-site inspection element.
For years Panama is committed to increasing transparency in tax matters and cooperate with other jurisdictions, in order to prevent tax evasion.
The commitment includes complying with the international network of tax treaties negotiated, agreeing to exchange tax information with 29 jurisdictions globally, not counting those that are under negotiation.
At the insistence of the OECD to Panama adopt the system called ‘common standard for communication’ (in English ‘common reporting standard’), the middle of last month, Deputy Foreign Minister Luis Miguel Hincapie sent a note to the president of that organization, Kosie Louw, reiterating the country’s commitment to meet the expectations of the international community and the sovereign right to self determine how to do it.
The letter warns that although our country has acquired a political commitment to implement the automatic exchange of financial information, this will only make bilaterally and under a model that ensures strict complimiento of rules of confidentiality, protection and proper use of information.
In his note, the Panamanian diplomat called on to recognize the conditions that distinguish Panama from other jurisdictions that do not have financial centers like ours or whose financial centers have lost competitiveness by adopting the automatic exchange of information under the proposed rules the Global Forum.
PROPOSAL OF PANAMA
Choosing the methodology is a sovereign right of each country.
Panama took a different route to that posed by the OECD; instead of signing a multilateral agreement to exchange information, establish bilateral relations.
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