Panama Releases Further Details about CRS Implementation

June 10, 2017 Tom Hospod

The Panamanian Ministry of Economy and Finance has released additional information regarding its implementation of the Common Reporting Standard (CRS). A late adopter, Panama has committed to commencing exchanges in 2018.

Panama has ratified secondary legislation for the implementation of CRS – the final legislative step in imposing the duty to report on Panamanian financial institutions. Additionally, the Ministry has indicated that it does intend to adopt the “wider approach” to due diligence – which entails collecting account data on all foreign accounts, rather than exclusively the CRS partner jurisdictions, in order to have this data prepared when additional countries commit to the standard.

The post Panama Releases Further Details about CRS Implementation appeared first on Sovos.

About the Author

Tom Hospod

Tom Hospod is a member of the Tax Research Team for the Direct Tax division at Sovos Compliance, where his main areas of focus are Tax Withholding and Automatic Exchange of Information (AEOI). Prior to Sovos, Tom worked as a legislative aide in the Massachusetts House of Representatives. He also has experience in securities law—focusing on broker-dealer disputes and representing clients in FINRA arbitration. Tom is a member of the Massachusetts Bar, earned his B.A. from Boston College and his J.D. from the University of Miami.

More Content by Tom Hospod
Previous Article
ACA Compliance Validation System Delayed Until May 2017

The Treasury Inspector General for Tax Administration (TIGTA) recently announced the delay of the ACA Compl...

Next Article
UK 2017 General Election Results: Surprise for Prime Minister Theresa May

On Thursday, June 8, 2017, the United Kingdom held its general election for Parliamentary seats, and the el...

×

Regulatory Analysis News - Delivered Weekly

Company
Thank you for subscribing!
Error - something went wrong!