The entry of Colombia into the OECD represents a new legal progress that facilitates the application of juridical initiatives and the adaptation to international standards of transparency and exchange of tax information with a network of countries with which Panama has committed itself to being part of the OECD, on which bases from September 2018 it will begin to share information of tax interest, developed by the OECD, only with those countries with which bilateral agreements have been signed.
For Panama and the economists, the announcement of the entry of Colombia is not a situation that generates problems, but could cause pressure in the exchange of tax information on economic matters, because Colombia needs to collect the tax from Colombians operating outside the country. In this way, once entered in the OECD, Panama must provide these information.
