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

Local filing required: No

Surrogate parent entity filing permitted: Yes

First review of the domestic legal framework: 2019/2020

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

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.

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.

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