Panama
Overview of CbC reporting requirements
First reporting fiscal year: Commencing on or after 1 January 2018
Consolidated group revenue threshold: EUR 750 million
Filing deadline: 12 months following the end of the reporting fiscal year
The domestic legal and administrative framework
Panama’s 2019/2020 peer review recommended that Panama take steps to implement a penalty regime in order to enforce the timely and accurate filing of CbC reports. A penalty regime has been introduced by Panama and this recommendation is therefore removed.1
The exchange of information framework
It is recommended that Panama take steps to implement processes or written procedures to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework. This recommendation remains in place since the 2018/2019 peer review.
Appropriate use of CbC reports
Panama’s 2017/2018 peer review recommended that Panama take steps to ensure that the appropriate use condition is met. Panama has provided details of the controls it has in place to ensure the appropriate use of CbC reports, which comply with published Guidance on the Appropriate Use of Information Contained in CbC Reports.