The end of offshore tax havens is nearing with Panama’s reaffirmation to its commitment to the automatic exchange of financial account information pursuant to the OECD/G20 Common Reporting Standard (CRS).
Panama yesterday signed the Common Reporting Standard Multilateral Competent Agreement, becoming the 98th jurisdiction to join the pact.
Exchanges are set to commence in September 2018.
The OECD said in a media release the signing of the CRS MCAA will allow Panama to activate bilateral exchange relationships with the other 97 jurisdictions that have so far joined the CRS MCAA.
It said members of the Global Forum on Transparency and Exchange of Information for Tax Purposes are working together to monitor and review the implementation of the international standard for the automatic exchange of tax information.
At the signing ceremony, Deputy Secretary-General Masamichi Kono said: “I congratulate Panama on taking this very substantial step towards putting in place a truly global exchange network for the automatic exchange of financial account information. Your signing today puts Panama is an excellent position to fully deliver on its commitment to start CRS exchanges with all interested appropriate partners in September of this year.”
The 98 jurisdictions that are signatories to the CRS MCAA can be found at: www.oecd.org/ctp/exchange-of-tax-information/MCAA-Signatories.pdf