In recent days the governments of Panama and Japan signed an Agreement for the Exchange of Tax Information. Making this the first agreement signed by Panama in which it incorporates the parameters set by the “Common Reporting Standard” (CRS) promoted by the Organization for Economic Cooperation and Development (OECD).

This agreement establishes that the governments shall notify, in writing and through diplomatic channels, compliance with the respective internal procedures for the execution of the agreement. The information will be obtained, exchanged and treated confidentially, in accordance with the dispositions established by the agreement.

For more information about this and other issues related to Tax Law, contact Dr. Ebrahim Asvat.