Global Forum on Transparency and Exchange of Information for Tax Purposes: Panama 2019 (second round) peer review report on the exchange of information on request : November 2019 (reflecting the legal and regulatory framework as at August 2019)

This report contains the 2019 Peer Review Report on the Exchange of Information on Request of the Netherlands. This second round report analyses the implementation by Panama of the standard of transparency and exchange of information on request for tax purposes against the 2016 Terms of Reference. This includes an assessment of its legal framework as at 12 August 2019, as well as its operation in practice, including as concerns the handling of EOI requests received during the period of 1 April 2015 to 31 March 2018. This second round report concludes that Panama is rated Partially Compliant overall. In 2016, the Global Forum similarly evaluated Panama against the 2010 Terms of Reference (2010 ToR) and assigned an overall rating of Non-Compliant; as the result of a Fast-Track review in 2017 also based on the 2010 ToR, Panama received a provisional upgraded rating of Largely Compliant. This report is reflecting the legal and regulatory framework as at August 2019 Table of contents Reader’s guide Abbreviations and acronyms Executive summary Overview of Panama Part A: Availability of information A.1. Legal and beneficial ownership and identity information A.2. Accounting records A.3. Banking information Part B: Access to information B.1 Competent authority’s ability to obtain and provide information B.2. Notification requirements, rights and safeguards Part C: Exchanging information C.1. Exchange of information mechanisms C.2. Exchange of information mechanisms with all relevant partners C.3. Confidentiality C.4. Rights and safeguards of taxpayers and third parties C.5. Requesting and providing information in an effective manner Annex 1: List of in-text recommendations Annex 2: List of Panama’s EOI mechanisms Annex 3: Methodology for the review Annex 4: Panama’s response to the review report Blank Page