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Panama and Mexico to share information on financial accounts

The tax authorities of Panama and Mexico signed an agreement to be able to exchange information next year on financial accounts for 2017, official sources said today.

 

The so-called Agreement of Competent Authorities for the exchange of financial information for tax purposes was signed by the director general of Revenue of Panama, Publio Cortés, and by the head of the Tax Administration Service of Mexico, Osvaldo A. Santín Quiroz, said the Foreign Ministry Panamanian

 

The agreement, said the Panamanian ministry, "will make it possible to implement the commitments that the country acquired by joining the Common Reporting Standard (CRS) in 2016" of the Organization for Economic Co-operation and Development (OECD).

 

Panama, the Foreign Ministry added, is negotiating agreements to sign agreements such as ratified on Thursday with countries such as Spain, Italy, Germany, United Kingdom and Switzerland.

 

The scandal of the so-called papers of Panama unleashed a whirlwind of criticism against Panama in April 2016 for its alleged lack of transparency.

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