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Pending Bill: Penalties for Failing to Provide Tax Information

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Panama: Penalties for Failing to Provide Tax Information

A bill being promoted by the Executive branch establishes penalties of between $500 and $10,000 for private entities that fail to provide information as requested.

Wednesday, September 7, 2016

From a statement issued by the Presidency of Panama:

Reaffirming a commitment to protect the platform of logistics and financial services, the Government of the Republic of Panama has approved a bill creating a regulatory framework for implementing the Exchange of Information for tax purposes and other provisions.

This project -approved today by the Cabinet Council - whose scope includes private and public sources and Panamanian financial institutions, establishes obligations and appropriate monitoring and compliance under the agreements signed by the Republic of Panama and which are in full force.

http://www.centralamericadata.com/en/article/main/Panama_Penalties_for_Failing_to_Provide_Tax_Information

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Does anybody know what this means?  Is it about banks?  Protect the platform of logistics?  What?

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