New legislation in Panama allows fiscal authorities to undertake international exchange of information for tax purposes

 

Panama has informed the Global Forum secretariat that it had recently changed its legislation on tax information exchange. The new Law  (Law 8 of 15 March) provides as follows:

 

The General Direction of Income is authorized and empowered to request and obtain from the public and private entities and third parties in general, without exception, all information necessary and inherent to the determination of tax obligations, the events of taxes or exemptions, their amounts and sources of income, remittances, deductions, expenses, reserves, expenses, among others, related to the taxation, and information about those responsible for such obligations or rights holders of tax exemptions. In all cases this information is confidential and under any circumstances may make it transcend, except for purposes of the compliance with treaties signed by the Republic of Panama to avoid double taxation and the exchange of tax information or in circumstances specifically provide in the law”.