Panama, Bahrain, the Cook Islands, Nauru and Vanuatu are the countries that have refused to join the OECD agreement for automatic exchange of tax information.

Laestrella.com.pa reports that “… According to data provided by the Global Forum on Transparency, linked to the Organization for Economic Cooperation and Development (OECD), these five states are the only ones who have been unwilling to adhere to the automatic exchange. ”

‘… Formally, the Global Forum on Transparency did not provide any mechanism for sanctions against recalcitrant countries, but the director of taxation at the OECD ventured that as the number of countries committing to it gets bigger, it will be more difficult for the rest to continue to attract investment. ”

Panama will be left out of the “… Multilateral Competent Authority Agreement which fifty countries signed today (October 29) in Berlin, which is a further step in the implementation of the Convention on the automatic exchange of tax information. “

Source: ACAN-EFE