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The government has joined the list of OECD jurisdictions which exchange tax information automatically, but has said that it will only start implementing the new mechanism in 2018.
The Government of the Republic of Panama explained to users of financial services platforms in Panama and the international community, that the country has announced its commitment to implement the mechanism for automatic exchange of information from 2018, and that this will be done strictly done on a bilateral basis, which is mutual and conditional, to ensure the protection of confidentiality, as was announced by President Juan Carlos Varela last September during the 70th General Assembly of the United Nations, in New York.