On June 8, 2017, the Government of Mexico and Panama signed a bilateral agreement for the automatic exchange of financial information for tax purposes.

Under this agreement signed by the Head of the SAT (Tax Administration Services), Osvaldo Santín and the General Director of Revenue of Panama, Publio Ricardo Cortés, the first exchange of information with Panama will take place in September 2018 with information related to 2017.

The formalization of the exchange of information between both countries comes from the Multilateral Agreement between Competent Authorities to adopt the “Standard for automatic exchange of financial information for fiscal purposes” that Mexico signed in October 2014.
This agreement has been raised to improve tax compliance and battle tax evasion at the international level.