The Republic of Panama issued Executive Decree No. 343 of July 7, 2020, through which the list of jurisdictions identified as reportable is adopted, and to whom tax information will be delivered as of the second semester of 2020. Within Of this list are the countries that signed the Multilateral Agreement for the Automatic Exchange of Information for Fiscal Effects (“CRS” for its acronym in English), including Colombia.
Panamanian financial entities will have until September 30 of the current year to send the relevant tax information collected in the course of 2019 to the Panamanian government. The information corresponding to 2020 and subsequent years must be sent by the entities Panamanian financial institutions to the Panamanian government no later than July 31 of the calendar year following that to which the information collected corresponds.
Additionally, and with the issuance of Law 29 of March 17, 2020, the Private and Unique System for the Registry of Final Beneficiaries was created in the Republic of Panama, whose purpose is to collect basic information to identify the beneficiary end of trusts and legal persons constituted and in force according to the laws of the Republic of Panama. The obligation to supply and update the information in this system will correspond to the lawyers who act as resident agents.