OECD: Panama to comply with international tax reporting

Panama will comply with international standards for automatic tax information sharing, Organization for Economic Co-operation and Development (OECD) Secretary-General Angel Gurria says.

In a press conference in Washington, he says that Panamanian officials agreed Thursday to sign onto the international standards on the sidelines of spring meetings of the World Bank and International Monetary Fund.

Gurria calls it "very good news indeed," bringing Panama, an international banking centre, into compliance with standards due to take effect next year among some 90 participating countries.

The Panamanian action would be "the silver lining" of recent revelations through documents leaked from a Panamanian law firm about overseas shell companies used to conceal assets.

Last update: Fri, 24/06/2016 - 08:49

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