Step in implementing FATCA compliant

mayo 16, 2016 11:21 am Publicado por 7.893 Comentarios

The automatic exchange of financial information between Panama and the United States beginning on 30 September this year.

Panama and the United States (US) yesterday signed the intergovernmental agreement that ended the regulatory process to accommodate the automatic exchange of financial information between the two countries.

Minister of Economy and Finance, Dulcidio De La Guardia, and the US ambassador in Panama, John Feeley, signed the Intergovernmental Agreement (IGA, for its acronym in English) for the implementation of the Law on Tax Compliance Abroad ( FATCA, for its acronym in English).
The FATCA is a US initiative passed in 2010, in which this country asks financial institutions around the world to submit information on the accounts of Americans abroad in order to fight tax evasion.
According to what was negotiated with the previous administration, the tax administrations of the two countries will be responsible for carrying out the exchange of information.
Panama and the US aspired to the mechanism began in September 2015. However, the Department US Treasury Department and the Ministry of Economy and Finance (MEF) delayed implementation until 30 September this year.
From now until that date, the Directorate General of Revenue (DGI) define and his US counterpart enter into a process of regulation of the law and define guidelines for information exchange.
The MEF said the DGI has been strengthening its human resources in recent years, to meet the bilateral agreements and fulfill information exchanges.
Both agreements to avoid double taxation as the exchange of tax information, as in this case, protocols are included following the models of the Organisation for Economic Co-operation and Development (OECD).
The FATCA is a US initiative passed in 2010, in which this country asks financial institutions around the world to submit information on the accounts of Americans abroad.
The MEF said in a statement that the signing of the IGA, exchanges of information on customers to applying FATCA will be made between the tax administrations of both countries «and not directly between Foreign Financial Institutions and the Internal Revenue U.S».
In this sense, De La Guardia said that «Panama continues to make progress on financial transparency and fiscal, promoting global cooperation in the fight against tax evasion, money laundering and terrorist financing».
This month, the Vice President and Foreign Minister of Panama, Isabel de Saint Malo de Alvarado, stressed the commitment of «full and immediate government with the implementation of automatic exchange of information on bilateral and consistent with the objectives of the Common Reporting Standard-CRS [Standards common Report] «.
This is the standard that promotes the OECD to combat tax evasion in the world.
This week, Panama agreed to work to expedite, efficient and transparent exchange of tax information with France, which last April 8 again include Panama in the list of tax havens, which had been withdrawn in 2012.
At a meeting on Monday 25 held in Paris, France, French Finance Minister Michel Sapin, he sued Panama to empower yourself «unambiguously transparency, to sign the multilateral agreement on the automatic exchange of information financial and sign as quickly as possible the Multilateral Agreement on Administrative Assistance OECD.
Panama’s position is to join the initiative bilateral automatic exchange of information OECD from 2018.


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