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INTERNATIONAL TAXATION

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INTERNATIONAL TAXATION

Colombia and Panama closed the negotiation of a Tax Information Exchange Agreement

The Colombian Minister of Finance informed that the negotiation of the Tax Information Exchange Agreement was closed on April 28th 2016

 

Colombia and Panama finally closed the negotiation of Tax Information Exchange Agreement. It is important to note that the exchange of tax information will begin to operate firstly by request of each of the parties and, upon year 2018, it is expected that it will proceed automatically. With the adoption of this agreement, Colombia expects to obtain information about the financial assets held by Colombian tax residents in Panama and to enforce, in this way, their inclusion in their income tax return filed in Colombia.