According to recent reports, Panama has formally expressed its intent to sign the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). Following Panama's signature of the MLI and deposit of its ratification instrument, the MLI will apply to Panama's covered agreements (notified tax treaties), provided that a particular agreement has also been notified as covered by the respective counterparty, and such counterparty has also deposited its MLI ratification instrument.