August 26, 2016
Ministry of Finance
Tax Information Exchange Agreement with the Republic of Panama was Signed
[Provisional translation]
On August 25 (Thursday.), the Government of Japan and the Government of the Republic of Panama signed the Agreement between the Government of Japan and the Government of the Republic of Panama for the Exchange of Information relating to Tax Matters in Panama City.
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 recognised at international conferences.
【Reference 1】 Next Steps
Each government will notify each other of the completion of their respective internal procedures necessary for the entry into force of this Agreement. The Agreement will enter into force on the thirtieth day after the latter of the dates of receipt of the notifications and will have effect:
(1) for criminal tax matters, from the date on which the Agreement enters into force; 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.
【Reference 2】 Texts
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