• News

FATCA and AEOI Reporting

Published: 11 Sep 2017

The Panama Revenue Office announced the availability of an online reporting platform to be used by financial institutions required to provide information under FATCA and AEOI.  Reporting institutions should be registered with local tax authorities before submitting information. Registration procedures could be reviewed on the following link: https://dgiaeoi.mef.gob.pa/publicform/publicform.aspx

An official statement was recently issued extending the deadline for reporting under FATCA from August 31 to September 8th. Under the first reporting year, Financial Institutions must provide information from years 2014, 2015 and 2016.  Not complying with legal registration and reporting obligations could result in the application of penalties, which may be up to USD$50,000.00, even if there are no reportable accounts; in which case the reporting institution must submit a statement indicating that there is nothing to report.

Annual reporting obligations are due between the months of June or July of the following year, depending on the type of company. Deposit institutions and insurance companies report in June, and custodian and investment companies in July.

Michelle Martinelli de Mouynes

Firm: Linkorp
Country: Panama

Practice Area: Tax

  • 76th Street, San Francisco
    Offices 104 and 105
    Panama City





Find a Global Law Expert

Awards

Since 2010, the Global Law Experts annual awards have been celebrating excellence, innovation and performance across the legal communities from around the world.

Sign up for the latest legal briefing and news within Global Law Experts community, as well as a whole host of features, editorial and conference updates direct to your email inbox.

Naturally you can unsubscribe at anytime.