Mexico Would Remove Panama from Blacklist

An agreement will be negotiated to avoid double taxation and ensure tax information exchange between both countries.

Friday, August 21, 2009

Alberto Vallarino, Panama's Economy Minister, said that meetings are scheduled for September 2009.

"In April, Panama was included in the tax haven list by the Organisation for Economic Co-operation and Development (OECD), because, even though it is open to cooperation, it has not materialized its commitment to provide tax information to other countries", reported website Timesoftheinternet.com.

More on this topic

Panama And Japan to Negotiate Double Taxation

April 2010

Both countries committed to negotiate a treaty to avoid double taxation.

The announcement was made by Finance Minister Alberto Vallarino, after meeting with its Japanese counterpart.

“Vallarino explained that such a treaty with Japan is necessary, as it would help increase commerce between both nations, especially with the expansion of the Panama Canal”.

Panama to Sign Tax Agreement with Mexico

February 2010

Both countries will sign a double taxation agreement in Cancún, Mexico.

The Mexican treaty will be the first out of 12 agreements that Panama intends to sign with OECD members (Organisation for Economic Co-operation and Development).

“Such requirement was set by OECD in order to remove the country from a ‘gray-list’ of countries considered tax havens”, reported Prensa Libre.

Panama and Mexico Sign Tax Agreement

November 2009

Both countries signed a double taxation agreement.

It is based on the model proposed by the Organization for Economic Co-operation and Development (OECD).

Alberto Vallarino, Panamanian Economy and Finance Minister, explained that "...the treaty establishes that once it is ratified by both parliaments, Mexico will remove Panama from their 'black-list'".

Panama Seeks Tax Agreements

September 2009

Panama is en route to sign double taxing agreements with Spain, Italy, Holland and Mexico.

Frank De Lima, Panamanian Vice President, reported that "the Government will prioritize those countries with which Panama has strong trade and diplomatic relationships".

De Lima also acknowledged "...these agreements are one way of complying with OECD requirements, in order to remove Panama from tax haven 'graylists'", reports Prensa.com.

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