Panama is planning on signing the Multilateral Convention on Mutual Administratitive Assistance in Tax Matters
Panama has informed the OECD (Organization for Economic Co-Operation and Development) that it intends to sign the Multilatera Convention of Mutual Adminstrative Assistance in Tax Matters. The OECD considers this to be the most comprehensive tool available amongst jurisdictions for all forms of tax cooperation to detect tax avoidance and evasion, including the exchange of information on a government to government basis.
Since 2009, the OECD has encouraged countries to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Currently, over 90 countries, including the USA, are participating. The Panamanian Ministry of Foreign Affairs announced Panama’s plan to sign the Multilateral Convention on its website. Whether or not Panama decides to automatically exchange information with other countries in the program will still be at Panama’s discretion.
Do You Currently Have Assets in Panama?
If you are a US taxpayer with assets in Panama, you need to insure that you are meeting all US filing requirements. Governments are consistently increasing the level of transparency and filing requirements required of financial institutions. If you have undisclosed foreign accounts, now is the time to step forward and become compliant with all US foreign reporting requirements. Freeman Tax Law offers free initial consultations to determine if you are at risk. Please contact us to schedule a confidential, no-obligation meeting.