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Japan, Panama Sign TIEA

by Mary Swire, Lowtax.net, Hong Kong
30 August, 2016

Japan and Panama have signed a tax information exchange agreement (TIEA) based on the international standards formulated by the Organisation for Economic Cooperation and Development (OECD).

According to the Japanese Ministry of Finance, the new TIEA "is expected to contribute to the prevention of international tax evasion and tax abuse, the importance of which has been recognized at international conferences."

The parties will notify each other of the completion of their respective domestic ratification procedures. The agreement will enter into force on the latter of these two dates, and will have effect for criminal tax matters from that date. With respect to taxes levied on the basis of a taxable year, it will have effect for taxable years beginning on or after January 1, 2013. The same date will apply for taxes not levied on the basis of a taxable year.

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