Panama publishes 2023 list of reportable jurisdictions for Common Reporting Standard purposes

• Panama has published an updated list of jurisdictions that exchange tax Information of residents under the Common Reporting Standard (CRS).
• The new list includes two new jurisdictions: Turkey and Saint Kitts Nevis.
   

On 29 June 2023, Panama published in the Official Gazette Executive Decree No. 9, which updates the list of reportable jurisdictions for CRS purposes that engage in the exchange of information during 2023 for tax year 2022 data.

Through Law 51 of 2016, regulated by Executive Decree No. 124 of 12 May 2017, Panama established the regulatory framework for certain jurisdictions, beginning in 2018, to exchange information for tax purposes in accordance with the CRS.

Under the CRS, the jurisdictions on the updated list engage in the automatic and periodic exchange of tax and financial information, including general information on the financial accounts of persons who are considered tax residents of any of the included jurisdictions.

The list contains the following 73 jurisdictions: