18/07/2016 – The OECD welcomes Panama's decision to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which was formally communicated to the OECD in a letter from its Vice President and announced publicly on Friday 15 July 2016.
"We very much welcome Panama's request to join the Convention. Signing and ratifying the Convention will be a very significant step forward in implementing its commitment to tax transparency and effective exchange of information", said Pascal Saint-Amans, Director of the OECD’s Centre for Tax Policy and Administration.
The Convention is the most comprehensive multilateral instrument available for all forms of tax co-operation to tackle tax evasion and avoidance, and guarantees extensive safeguards for the protection of taxpayers' rights. It was developed jointly by the OECD and the Council of Europe in 1988 and amended in 2010 to respond to the call by the G20 to align it to the international standard on exchange of information and to open it to all countries, thus ensuring that developing countries could benefit from the new more transparent environment. Already 98 other countries and jurisdictions have joined the Convention.