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You Can’t Hide; Panama Will Report U.S. Citizen’s Financial Information to USA

Article Summary:

Panamanian financial institutions will report to the Internal Revenue Service any banking customer who is a U.S. citizen or resident alien of the United States who has funds abroad, says Panama Financial Institutions, which makes the country compliant with a cooperative disclosure agreement set to start in 2013.

Original Article Text From La Estrella via Google Translate :

Panama report on ‘U.S. Person’

Panamanian financial institutions report to the Internal Revenue Service (IRS by its acronym in English) customer who U.S. citizens and residents ‘U.S. Person’ who have funds abroad. The country’s cooperation started in 2013 when it starts govern the Tax Compliance Act of Foreign Accounts (Foreign Account Tax Compliance Act or FATCA). By law, foreign financial institutions anywhere in the world who decide to cooperate with the government of the United States must submit certain information about Customers who qualify for the report. However, those not wishing to participate in the program, may be subject to withholding of 30% on U.S. source income such as interest, dividends, etc..

Link to Original Article:

From La Estrella

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