Summary.
Law 66 governs the exchange of tax information between Panama and Finland for the administration and enforcement of taxes covered by the agreement. It sets out request procedures, their limits, and the confidential treatment of information.
What it covers.
- The exchange of tax information upon request.
- The requirements and limits of information requests.
- The confidentiality and use of information received.
- The costs of assistance and the resolution of implementation difficulties.
Who it applies to.
- The competent authorities of Panama and Finland.
- Persons subject to a tax examination or investigation.
- Persons holding or controlling the requested information.
Key points.
- The competent authorities exchange information foreseeably relevant to administering and enforcing covered taxes, including the investigation of tax matters.Art. 1
- The agreement covers taxes imposed by both parties but excludes taxes imposed in Panama by municipalities or other political subdivisions.Art. 3
- The requested party provides information upon request and uses information gathering measures when its existing information is insufficient; the exchange includes banking and ownership information.Art. 5
- A request identifies the persons under investigation, the information and tax periods involved, and states its tax purpose and the grounds for believing the information is within the requested party’s jurisdiction.Art. 5
- The agreement sets out grounds for denying a request, including the protection of certain communications between a client and lawyer and disclosure contrary to public policy.Art. 6
- Information received is confidential and is used for the specified tax functions; disclosure to other entities or authorities requires express written consent.Art. 7
- The competent authorities agree on the allocation of assistance costs and seek to resolve difficulties in interpretation or implementation by mutual agreement.Art. 8, Art. 9
- The agreement governs notices for its entry into force and termination by written diplomatic notice; the confidentiality obligation continues after termination.Art. 10, Art. 11