Panamanian Assembly Approves Panama's Accession To International Tax Convention (Mac)

Author:Mr Ricardo Cambra La Duke
Profession:Cambra La Duke & Co
 
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With Panama joining the Convention on Mutual Administrative Assistance (MCA), the country raises the number of partner jurisdictions or nations with which it can exchange information from 30 to 107.

Publio Cortés, Director General of Revenue, explained that the Convention "allows the exchange of tax information on request between signatory jurisdictions, but does not imply automatic exchange, but allows bilateral negotiations through agreements between the competent authorities to That automatic exchange be given ".

The MAC, approved by the National Assembly of Deputies in the third debate on February 14, was signed by Panama on October 27, 2016 with the Organization for Economic Co-operation and Development (OECD).

The MAC is considered one of the international instruments that allow jurisdictions to strengthen their collaboration between their authorities to fight against tax...

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