This was decided after the signing of an agreement between the director of the AFIP, Alberto Abad, the Vice Minister of Foreign Affairs of Panama, Luis Miguel Hincapié, and officials of the General Directorate of Revenue of that country, the Argentine tax collection agency reported in a statement.
The Federal Administrator of Public Revenue, Alberto Abad, met with the Vice Minister of Foreign Affairs of Panama and officials from the General Directorate of Revenue of that country.
At the meeting, it was agreed to strengthen bilateral relations between the Tax Administrations through the signing of an Automatic Information Exchange Agreement that will allow Argentina to have, starting in 2018, data on the accounts of Argentines that are based in Panama. Likewise, the AFIP will provide information on the accounts of Panamanians based in our country.
The meeting, which took place at AFIP headquarters, analyzed the progress made by each country in relation to international standards of fiscal transparency.
Also Our country will support the “Fast Track” requested by Panama to the OECD. The Fast Track is a fast-track review procedure to suspend its “Non-Compliant” rating..
Under Fast Track, a jurisdiction is provisionally assessed and when it has reached a sufficient level of progress, the existing rating is suspended and a full review under the 2016 terms of reference (including a review of the viability of beneficial ownership information) will be scheduled for the second half of 2017.
It should be noted that the OECD will be required to submit a list to the G20 Leaders' Summit in July 2017, identifying non-cooperative jurisdictions with regard to tax transparency.
For its part, Panama highlighted the progress made in this regard, such as the signing of the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters, its inclusion in the inclusive framework on BEPS and improvements in its domestic legislation.
In light of the changes being made in international taxation, Panama has requested our country's support from the global community.
Negotiations between Argentina and Panama began in 2009 and, starting last year, the points of a future agreement began to be defined.
Also participating in the meeting were Dionisio de Gracia Guillen, Ambassador of Panama in Argentina, and Darma Romero, Head of Fiscal Information Exchange at the Ministry of Economy and Finance of Panama.
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