February 13, 2017
Ministry of Finance
Tax Information Exchange Agreement with the Republic of Panama will Enter into Force
[Provisional translation]
On February 10(Friday.), mutual notification procedures were completed for entry into force of the Agreement between the Government of Japan and the Government of the Republic of Panama for the Exchange of Information relating to Tax Matters (signed on August 25, 2016).
Therefore, this Agreement will enter into force on March 12, 2017 and will have effect:
(1) for criminal tax matters, from March 12, 2017; and
(2) for all other matters,
(i) with respect to taxes levied on the basis of a taxable year, for taxes for any taxable years beginning on or
after January 1 2013; and
(ii) with respect to taxes not levied on the basis of a taxable year, for taxes levied on or after January 1 2013.
[References 1]
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.
[References 2] Texts