The Director General of Revenue of the Republic of Panama, Publio Ricardo Cortés C., participated in the Tenth National Tax Congress of Certified Public Accountants of Panama, on November 22 and 23, 2016 in Panama City, attended by more than 400 Accounting, Auditing and Taxation professionals.

Mr. Cortés was the event’s first speaker with the topic “Exchange of Tax Information: Collection tool for countries with territorial source of taxation.”

Among other, Mr. Cortes said, “The Tax Administration of Panama is interested in having a strong network of agreements for the exchange of tax information in order to collect more effectively. This would especially avoid the injustices committed by those who triangulate with other jurisdictions the sales of goods imported to Panama, eroding Panama’s tax base and not paying their corresponding taxes, affecting the taxpayers who timely pay their taxes and perform their withholdings. ”

In addition, he stated, “we must put an end to the myth that the exchange of tax information is something that Panama does only to serve other countries”. He added that “the reality is that tax information exchange is a great tool to fight the tax evasion In Panama”, concluding this idea with the following statement: “Many of those who question the exchange of tax information are those who do not want the DGI to use this important tool to fight the tax evasion”.

In another section of his presentation, Mr. Cortés reflected on globalization, saying: “Just as globalization has been very positive, crime networks also use the new information media to weave their fraud networks; that’s why the countries should strengthen the exchange of tax information to combat tax evasion.

Source: Facebook – Association of Certified Public Accountants of Panama

See: DGI presentation – Panama