Changes in Panamanian Corporations

A new government, pressures from the U.S. for fiscal transparency and the opinion of the business sector make it predictable that the law which regulates them will change.

Monday, June 1, 2009


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Lawyers, who would possibly see their intense advising and foreign capital representation activity decreased, oppose any changes to law 32, which would involve greater transparency in company incorporation (Sociedad Anonima) information and it would perhaps detract from the current attractiveness of the regulations to foreigners.

Tagnia Shocrón noted in an article in Laestrella.com.pa: "A former official from the Chamber of Commerce, Industries and Agriculture said that 'it is not a matter of eliminating it but redesigning it so that it is more transparent.’ He added that the country’s economy depends on other activities such as toll collection for the transit of ships through the Panama Canal, banking and the tourism industry, which will not disappear because of the flexibility in the transparency of the corporations."

More on this topic

Panama: Law to Immobilize Bearer Shares

August 2012

A law is being studied, which would immobilize bearer shares, in accordance with recommendations from international organizations relating to combating money laundering.

Frank De Lima, Minister of Economy and Finance, said that "Panama will not be less competitive if the law is created, it will improve its image on the issue of tax evasion and money laundering."

Panama: Changes to Corporate Laws

October 2010

The Ministry of Economy and Finance (MEF) promotes changes to existing corporate laws.

The new rules require resident agents to keep records of beneficiaries of bearer share companies and it also imposes sanctions against not complying.

Prensa.com publishes, "it's something that Panama has to attend to in order to comply with double taxation treaties (DTT).

New York Banking Regulator Requests Information on Mossack Fonseca

April 2016

Thirteen foreign banks with operations in New York will have to report on their relations with the Panamanian firm Mossack Fonseca including communications, telephone records and any transaction made.

An article on Bloomberg reported that the Department of Financial Services (DFS) in New York has asked 13 banks with offices in that State, among which are Deutsche Bank AG, Credit Suisse Group AG, Commerzbank AG, ABN Amro Group NV and Societe Generale SA, to provide communications, telephone records and other records of transactions, between their branches in New York and employees or agents of the law firm, Mossack Fonseca & Co. The banks in question are not accused of any wrongdoing.

Deduction of Expenses in "Tax Havens"

February 2015

In Costa Rica a bill intends to discourage the use of "tax havens", controlling the legitimacy of the costs incurred in those territories.

At present the bill under discussion in the Committee on Financial Affairs, is expected to publicize a final report in mid-March. The initiative "... also excludes deductions for expenses to be made or paid by resident individuals or entities in tax havens."

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