The Organisation for Economic Co-operation and Development (OECD) has congratulated Panama for its decision to implement the Convention on Mutual Administrative Assistance in Tax Matters (MAC, for its acronym in English), a department of the international organization that promotes the exchange financial information among member countries, but with a prior formal request.
«We welcome the request of Panama to be a signatory to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters OECD. The signing and ratification of the convention represent an important step in the efforts of Panama to improve tax transparency and effective exchange of information, «said the director of the Center for Tax Policy and Administration of the OECD, Pascal Saint-Amans.
The agreement establishes all forms of administrative assistance in tax matters: information exchange on request, spontaneous exchange, the automatic exchange of information, surveys of foreign tax, simultaneous tax examinations and assistance in tax collection, the once the rights of taxpayers are protected.
It states that «the parties mutual administrative assistance in tax matters will be provided. Such assistance may include, if deemed appropriate, measures taken by judicial bodies. «
The Convention was developed jointly by the OECD and the Council of Europe in 1988, and was amended in 2010 to respond to a request by the G-20 to match the international standard on exchange of information.
It was also made to open to all countries, in particular to ensure that developing countries can benefit from a new, more transparent environment.
The Convention remains a key item on the agenda of fiscal transparency G20, which has repeatedly called on all jurisdictions to sign the Convention and asked the Global Forum on Transparency and Exchange of Information for Tax Purposes to report on progress by members in connection with the signing of the Convention.
Among the signatories of this agreement, are all member countries of the G-20 and almost all OECD members.
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