Tax Information Exchange Agreement with the Republic of Panama Agreed in Principle
May 23, 2016
1. The Government of Japan and the Government of the Republic of Panama, as the result of the intergovernmental negotiations, have agreed in principle on a Tax Information Exchange Agreement.
2. This Agreement provides for the effective exchange of information regarding tax matters between the tax authorities including automatic exchange of information which is necessary for the exchange of financial account information based on the international standards formulated by the OECD, and is expected to contribute to the prevention of international tax evasion and tax abuse, the importance of which has been recognized at international conferences.
3. The Government of Japan is determined to contribute to the strengthening of the information exchange network aimed at the prevention of international tax evasion and tax abuse by concluding this Agreement as early as possible.
4. This Agreement will be signed after the work for the finalization of the text and the necessary procedures within both Governments, and enter into force after the completion of the respective domestic procedures for the conclusion of the Agreement.