On February 13, 2017 the Japanese Ministry of Finance issued a press release announcing that on February 10, 2017 the mutual notification procedures for entry the into force of the Agreement between the Government of Japan and the Government of the Republic of Panama for the Exchange of Information relating to Tax Matters, which was signed on August 25, 2016, (Hereafter: the TIEA) were completed.

Based on Article 12 of the TIEA (“ENTRY INTO FORCE”) the TIEA shall enter into force on the thirtieth day after the latter of the dates of receipt of the notifications. Therefore the TIEA will enter into force on March 12, 2017.

Based on Article 12 of the TIEA the will enter into force on March 12, 2017 means that the TIEA shall have effect:

(a)  for criminal tax matters, from March 12, 2017; and

(b)  for all other matters covered in Article 1:

(i)   with respect to taxes levied on the basis of a taxable year, for taxes for any taxable years beginning on or after 1 January 2013; and

(ii)  with respect to taxes not levied on the basis of a taxable year, for taxes levied on or after 1 January 2013.

For further information on the TIEA as well as for a links to the English and Japanese versions of the TIEA we refer to our article from August 26, 2016.

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