In an effort to combat tax evasion, Japan and Panama have signed a tax information exchange agreement relating to tax matters in Panama City, Japan’s Ministry of Finance announced August 26.
The agreement, signed yesterday, “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,” the Ministry said.
The agreement will enter into force after the countries have notified each other that the necessary domestic procedures to bring the agreement into force been completed.
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