Thursday, Apr 15, 2021

Dirección General de Ingresos de Panamá (DGI)

Panama meets the deadline for the global exchange of information

The General Directorate of Revenue (DGI) reported this Wednesday that Panama met the deadline established for automatic exchanges of information that, due to the COVID 19 pandemic, was extended in 2020 until December 31.
This is done in compliance with the provisions of Law 47 of October 24, 2016, and for the fourth consecutive year the massive bilateral data transmission was carried out under the FATCA (Foreign Account Tax Compliance Act) standard, with the Internal Revenue Service (IRS) of the United States of America.

Similarly and in compliance with the provisions of Law 5 of February 21, 2017, the massive transmission of multilateral data was executed under the CRS (Common Reporting Standard) standard of the Global Forum on Transparency and Exchange of Information of the Organization for the Cooperation and Economic Development (OECD) for the third consecutive year.

The DGI indicates in a statement that "it is important to note that, in 2020, the Republic of Panama included the Cook Islands, the Kingdom of Saudi Arabia, the Republic of Austria and Colombia in its list of reportable jurisdictions."

It is good to note that for the first time in March 2020, the automatic exchange of Country by Country Reports (CbCR) was carried out, under action 13 of the BEPS Project (Base Erotion Profit Shifting) promoted by the OECD.

The DGI reiterates to Panamanian financial institutions that the DGI FATCA & AEOI portal is currently being adapted to the CTS 2.0 platform of the OECD (Common Transmission System), which as of March 1 of this year will replace CTS 1.0.

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