21 November 2018
Panamanian Financial Institution Briefing Assists in Achieving 2018 CRS Exchange Deadline
As part of the preparations for the Common Reporting Standard (CRS), the Panamanian Chamber of Capital Markets (Capamec) organized the "Orientation Workshop for Financial Institutions” on May 18th of this year. Also sponsoring the event were the Ministry of Economy and Finance, General Directorate of Revenues (DGI), and the Association of Trustees of Panama (AFP).
The purpose of the workshop was to ensure financial institutions met the deadline for submitting CRS reports which were due for the first time in 2018 with respect to information collected during the year 2017.
As the developer of the web application used to capture both the FATCA and CRS reports of the Panamanian Financial Institutions, Vizor Software led the workshop session on the technical functionality of the system.
The overall project has been successful with the Panamanian DGI reported that approximately 660 files from 337 financial entities make up the first automatic exchange of information made by Panama with 31 jurisdictions, under the CRS.
Thus far, Panama has committed to exchanging information with jurisdictions including Australia, France, Germany, India, Ireland, Italy, Japan, Luxembourg, Mexico, the Netherlands, Portugal, Spain, and the UK.
Today Panama is considered globally as a transparent nation, which has an overall very positive impact at the economic level, but, as for almost all jurisdictions, the road does not end here transparency is an ongoing journey”, said the deputy head of the Directorate General of Revenues’ (DGI) Information Exchange Section, Martín Barcela, as reported by Agencia EFE.