World Economy

Panama Joins Tax Info Sharing Deal

Panama Joins Tax Info Sharing DealPanama Joins Tax Info Sharing Deal

Panama, rocked by a recent major tax scandal, has joined around 100 countries in an agreement to share financial information automatically to tackle tax evasion, the Organization for Economic Cooperation and Development said on Wednesday, Reuters reported. The information sharing scheme was already in the works when Panama came under pressure after the leak of thousands of confidential documents from a Panamanian law firm in April showed their failure to cooperate in global efforts to clamp down on tax evasion by the rich and powerful. Bahrain, Lebanon, Nauru and Vanuatu are also signing up to the agreement on automatically swapping tax information.