Tax information exchange agreement with Panama

Iceland signed today a tax information exchange agreement (TIEA) with Panama. Iceland has now concluded 39 TIEAs with former secrecy jurisdictions having a financial centre attracting non-resident activities.

The TIEA with Panama is of importance as Panama is among countries that figure in Iceland's tax evasion schemes. Moreover, by concluding this agreement, tax evaders will be prevented from relocating their concealed assets and activities to Panama from jurisdictions with which Iceland already has a TIEA.

Iceland congratulates Panama for taking this important step towards implementing the global standard on transparency and exchange of information in tax matters and encourages Panama to act swiftly to become fully compliant and thereby a worthy member of the global financial community.

The Nordic countries have negotiated the TIEAs on a joint basis. To reinforce the fight against international tax evasion and to ensure the effective application of these TIEAs, the Nordic countries have recently established a new group at the tax administration level, "the Nordic Working Group on International Tax Evasion". This group will coordinate the Nordic work against international tax evasion, share experience and best practices, handle relations with our TIEA partners and take an active role in various international organisations promoting transparency and exchange of information in tax matters.