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FLASH NEWS | FINANCIAL INFORMATION EXCHANGE WITH PANAMA

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On March 9, 2020, Panama’s Ministry of Economy and Finance announced that, as part of the country’s efforts to be considered as compliant with fiscal transparency standards, it had decided to automatically exchange information with Colombia as of September 2020 in accordance with the Common Reporting Standard (CRS).

Although the official document through which Panama accessed this information exchange mechanism is not known, it can be anticipated that Colombia will be one of the “reportable jurisdictions”, meaning one of the jurisdictions that will automatically receive the report of financial information from taxpayers in Colombia, which will include information related to interests, dividends, account balance, income generated by certain financial products, results of sales of financial products, among others.

For more information on the CRS, please refer to the following link: https://www.oecd.org/tax/automatic-exchange/common-reporting-standard/

For further access to the official statement of the Ministry of Economy and Finance, please check the following link: https://www.mef.gob.pa/2020/03/paises-del-g20-consideran-a-panama-como-cumplidor-por-recomendacion-de-la-ocde/