On August 26, the Japanese ministry of finance announced that the government of Japan has signed a Tax Information Exchange Agreement (TIEA) with the government of the Republic of Panama.
The respective governments signed the agreement on August 25 in Panama City. The agreement provides for the effective exchange of tax information. The agreement "is expected to contribute to the prevention of international tax evasion and tax abuse, the importance of which has been recognised at international conferences," the Japanese ministry of finance said.
The agreement provides that the competent authority of the Requested Party shall obtain and provide upon request information for the purposes referred to in Article 1. Such information shall include:
Although signed, the TIEA has not yet entered into force. The Governments of the Contracting Parties will notify each other of the completion of their respective internal procedures necessary for the entry into force of the Agreement.
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