On May 23, 2016 the Japanese Ministry of Finance issued a press release announcing that the Government of Japan and the Government of the Republic of Panama have agreed in principle on a Tax Information Exchange Agreement (TIEA) to be concluded between the two countries.

According to the press release the TIEA will provide for the effective exchange of information regarding tax matters between the tax authorities of both countries, including the automatic exchange of information which is necessary for the exchange of financial account information based on the international standards formulated by the OECD.

The TIEA will be signed after the work on the finalization of the text and the procedures within both Governments have been completed.

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