Automatic Exchange of Financial Information between Mexico and Panama

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Automatic Exchange of Financial Information between Mexico and Panama
On June 8, 2017, Osvaldo Santín Quiroz - Head of SAT - and Publio Ricardo Cortés Carvajal - Director General of Revenue of Panama - signed a bilateral agreement for the automatic exchange of financial information for tax purposes.
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The first exchange of information between Mexico and Panama will take place in September 2018, with respect to financial information corresponding to 2017.
It should be noted that this agreement has its origin in the Multilateral Agreement between Competent Authorities to adopt the "Standard for Automatic Exchange of Financial Information for Tax Purposes" [CRS], signed by Mexico in October 2014, through which, as of August 2017, it will begin the first automatic exchange of information with the other CRS signatory countries.
In this sense, those who have not reported their income from financial investments held abroad (including Panama), may apply the facilities provided in the Decree of "repatriation of capital" in force until July 19 of this year or regularize their situation through the procedure provided in the Mexican tax legislation.
Taking into account that the benefits of the Capital Repatriation Decree are subject to several requirements and conditions that must be carefully evaluated in particular, the lawyers of the tax and estate planning areas of the Firm are at your service to guide you on how to apply it.
 

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Mexico City, June 13, 2017.