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June 20, 2018

Panama issues its list of reportable jurisdictions for CRS purposes

On June 13, 2018, Panama issued Executive Decree No. 122 of June 11, 2018 (Decree), which adopts the list of reportable jurisdictions for Common Reporting Standard (CRS) purposes.

Law 51 of 2016 defines "reportable jurisdictions" as a jurisdiction with which an agreement is in place and is identified in a published list by the Competent Authority.

On April 5 2018, the Organisation for Economic Co-operation and Development (OECD) published the list of bilateral exchange relationships under the CRS Multilateral Competent Authority Agreement for Panama, which included 28 jurisdictions (see Tax Alert 2018-0755). Most of the jurisdictions with which Panama has bilateral exchange relationships were included in the Decree as reportable jurisdictions.

Under the Decree, Panama lists 33 jurisdictions as reportable jurisdictions:

1. Bailiwick of Guernsey
2. Commonwealth of Australia
3. State of Japan
4. United Mexican States
5. Federation of Malaysia
6. Grand Duchy of Luxembourg
7. Ireland
8. Isle of Man
9. New Zealand
10. Kingdom of Belgium
11. Kingdom of Denmark
12. Kingdom of Spain
13. Kingdom of the Netherlands
14. Kingdom of Norway
15. Kingdom of Sweden
16. United Kingdom of Great Britain and Northern Ireland
17. Republic of Argentina
18. Republic of Slovenia
19. Republic of Indonesia
20. Republic of India
21. Republic of Seychelles
22. Republic of Latvia
23. Republic of Malta
24. Republic of Poland
25. Republic of Singapore
26. Republic of South Africa
27. Republic of Bulgaria
28. Federal Republic of Germany
29. French Republic
30. Hellenic Republic
31. Italian Republic
32. Oriental Republic of Uruguay
33. Portuguese Republic


Contact Information
For additional information concerning this Alert, please contact:
Ernst & Young Panama
Rafael Sayagués+506 2208 9880;
Luis Ocando+507 208 0144;
Isabel Chiri+506 208 0112;
Latin American Business Center, New York
Pablo Wejcman(212) 773-5129;
Ana Mingramm(212) 773-9190;
Enrique Perez Grovas(212) 773-1594;

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.


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