On July 2016, Panama announced that it intends to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
The Director of the Organisation for Economic Co-operation and Development (OECD)’s centre for Tax Policy and Administration, Pascal Saint-Amans, commented that they welcome Panama’s request to join the Convention, and that signing and ratifying the Convention will be a significant step forward in implementing its commitment to tax transparency and effective exchange of information.
According to the OECD, the Convention is the most comprehensive multilateral instrument available for all forms of tax co-operation to tackle tax evasion and avoidance. Furthermore, it guarantees safeguards for the protection of taxpayer’s rights.
Source: Tax-news.com 19 July 2016