Panama, has committed to the internationally accepted norm of automatic sharing of financial and tax data with other countries, the Organisation for Economic Cooperation and Development (OECD) said today.The Paris based organisation in a statement said Bahrain, Lebanon, Nauru and Vanuatu are also signing up to the agreement which around 100 countries have now joined. It added that exchanges in accordance with the Common Reporting Standard developed by the OECD and G-20 countries are expected to start in September 2018.The OECD had last month called a meeting of tax investigators from across the globe to discuss the fallout and way forward after the Panama Papers disclosures were made by the International Consortium of Investigative Journalists (ICIJ). While India is a not a full member of the OECD, it is compliant to its norms and protocols to deal with tax evasion and money laundering crimes being probed by it with regard to global ramifications.
News On AIR | May 11, 2016 5:14 PM
Panama commits to automatic exchange of tax data for with other rcountries