Panama to Join OECD’s Convention on Mutual Administrative Assistance in Tax Matters in Wake of Panama Papers Leak

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Jason B. Freeman

Jason B. Freeman

Managing Member

214.984.3410
jason@freemanlaw.com

Mr. Freeman is the founding member of Freeman Law, PLLC. He is a dual-credentialed attorney-CPA, author, law professor, and trial attorney.

Mr. Freeman has been named by Chambers & Partners as among the leading tax and litigation attorneys in the United States and to U.S. News and World Report’s Best Lawyers in America list. He is a former recipient of the American Bar Association’s “On the Rise – Top 40 Young Lawyers” in America award. Mr. Freeman was named the “Leading Tax Controversy Litigation Attorney of the Year” for the State of Texas for 2019 and 2020 by AI.

Mr. Freeman has been recognized multiple times by D Magazine , a D Magazine Partner service, as one of the Best Lawyers in Dallas, and as a Super Lawyer by Super Lawyers, a Thomson Reuters service. He has previously been recognized by Super Lawyers as a Top 100 Up-And-Coming Attorney in Texas.

Mr. Freeman currently serves as the chairman of the Texas Society of CPAs (TXCPA). He is a former chairman of the Dallas Society of CPAs (TXCPA-Dallas). Mr. Freeman also served multiple terms as the President of the North Texas chapter of the American Academy of Attorney-CPAs. He has been previously recognized as the Young CPA of the Year in the State of Texas (an award given to only one CPA in the state of Texas under 40).

The Panamanian Ministry of Foreign Affairs recently announced that Panama intends to sign onto the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters.  A link to the announcement is here. The announcement comes on the heels of the controversial Panama Papers leak and international calls for transparency.   Nearly 100 countries have now signed on to the Convention.

Pascal Saint-Amans, Director of the OECD’s Centre for Tax Policy and Administration, welcomed the news: “We very much welcome Panama’s request to join the Convention. Signing and ratifying the Convention will be a very significant step forward in implementing its commitment to tax transparency and effective exchange of information”

The Convention was developed jointly by the OECD and the Council of Europe in 1988 and amended in 2010 to respond to a call by the G20 to align the Convention to the new international standard on exchange of information and to open it to all countries—a move designed to ensure that developing countries are able to benefit from the more transparent environment. The OECD considers the Convention to be the most comprehensive multilateral instrument available for all forms of tax co-operation, and a particular safeguard against tax evasion and avoidance.

 

For updated and related posts, see The Panama Papers: The First U.S. Conviction for Tax FraudThe Panama Papers: U.S. Accountant Pleads Guilty to Charges Related to Client’s Improper FilingsA Brave New World: The Panama Papers and the United States’ Role as a Tax HavenAn Update on International Tax EnforcementThe IRS and Big Data: The Future of Fighting Tax Fraud.

 

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