The European Union (EU) has published its revised list for non-cooperative jurisdictions on tax issues, as part of a global review of 92 countries, excluding Panama from the list.

Panama’s exclusion occurs after the Panamanian Government adopted a series of measures to comply with the transparency and fiscal matters requirements which are demanded by the European Union.

Panama’s Foreign Affairs Ministry added that, in addition to the tax regimes, the EU evaluated the progress of the country in terms of transparency and tax cooperation, assessing aspects such as the adoption of the automatic exchange mechanism consistent with the objectives of the Common Reporting Standard promoted by the Global Forum of the Organization for Economic Cooperation and Development (OECD); the adherence to the Convention on Mutual Administrative Assistance in Tax Matters, and the Inclusive Framework of the Base Erosion and Profit Shifting Project (BEPS).