Panama: Guidance on registration, changes, and deactivation of entities on for FATCA and AEOI portal
Resolution No. 201-2572 of 22 April 2024
Resolution No. 201-2572 of 22 April 2024
The Panama tax authority (DGI) on May 8, 2024, published guidance (Resolution No. 201-2572 of 22 April 2024) for Panamanian financial institutions on registration, changing user information, and deactivating entities on the DGI Portal for FATCA and AEOI.
- The resolution details the registration process, including the submission of a form and required documents. Financial institutions will receive a confirmation email within one day after completing the registration process.
- The DGI may reject registration if a financial institution fails to meet specific requirements, is already registered, or does not meet the criteria to be considered an financial institution.
- For changing user information, the resolution outlines the required documents, which can be submitted via email or physically at the DGI headquarters.
- Financial institutions that have lost their status as Panamanian reporting financial institutions, or have been dissolved or re-domiciled, must request deactivation of user access to the DGI Portal. The financial institution must submit a memorial detailing the reasons for the request, signed by its authorized representative, along with documentary evidence.
- Financial institutions that report accounts under Law 47 of 24 October 2016 must first request deactivation from the Internal Revenue Service (IRS). Once obtained, financial institutions can request deactivation from the DGI Portal by following the requirements specified in the resolution.
The resolution became effective immediately upon promulgation.
Read a May 2024 report prepared by the KPMG member firm in Panama
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