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Friday, Dec 04, 2020

Panama claims to have reaffirmed its commitment to combat tax evasion

Panama claims to have reaffirmed its commitment to combat tax evasion

The National Government said it had reaffirmed its commitment in the fight against tax evasion, in accordance with international standards, after the enactment of Law 170 of October 15, 2020, with which the Republic of Panama ratified the Organization's Multilateral Convention for Economic Cooperation and Development (OECD).
The ratification of the Convention was reported to the Ministry of Economy and Finance (MEF), it is the result of the coordination of efforts of the MEF, through the Directorate of International Financial and Fiscal Strategy, who managed the ratification work before the Assembly National, being approved in the third debate and subsequently sanctioned by President Laurentino Cortizo.

The Multilateral Convention signed by the Republic of Panama on January 24, 2018, arose with the fundamental objective of adapting the international tax policies established in the Agreements to Avoid Double Taxation and Prevent Tax Evasion in Income Tax Matters.

According to the MEF, the delivery of the instrument of ratification carried out in coordination with the Ministry of Foreign Affairs, signified an advance in the commitment acquired by the country with the fulfillment of minimum international standards and modified the network of Agreements to Avoid Double Taxation and Prevent Tax Evasion on Income Tax Matters, signed in the Republic of Panama. 

The Multilateral Convention will enter into force in our country as of March 1, 2021 and the application of its provisions will depend on the position of the country with which the Republic of Panama has signed an Agreement.

This effort affirmed the MEF, represents an economic saving, in technical and human resources for the Republic of Panama, and reiterates the commitment of the Government of President Laurentino Cortizo to continue implementing the highest standards of international taxation and fiscal transparency to continue contributing fight against tax evasion.
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