On February 10, 2019

Panama’s Tax Transparency Must Improve, Warns IMF

The International Monetary Fund (IMF) has concluded its latest country review of Panama, saying that the country will risk “reputational damage” unless it improves its international tax transparency agenda.

Although Panama commenced its automatic exchange of information (AEOI) reporting in order to meet OECD global standards on September 28, the IMF has warned that the country’s lack of speed in moving forward the criminalization of tax evasion is viewed as a “key domestic failure.”

Debates around the criminalization of tax evasion have been ongoing in Panama’s government since last October, but legislation to this end has not yet progressed, despite Financial Action Task Force (FATF) recommendations that tax evasion should be classified as a criminal act and a predicate offense to money laundering.

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