The signing is part of a strategy by the country to exclude Panama from the grey-list created by the Organization for Economic Cooperation and Development (OECD), informed the minister of Economy and Finance, Frank De Lima.

This is the tenth agreement signed by Panama in its strategy to defend international services and also meet the 12 treaties needed to be excluded from the grey list, said De Lima, and indicated as a benefit that, "Panama is getting the deductibility of conventions for American taxpayers, which will help further promote tourism in our country."

Source: Ministry of Economy and Finance (Panamá)

More on this topic

Panama Could Leave Gray List

June 2011

A treaty signed with France will become the twelfth, enabling Panama to get off the list of tax havens.

As part of measures being taken by the government so that Panama will no longer be considered a tax haven, a treaty will be signed with French representatives in Paris to avoid double taxation (DTT).

Panama to Negotiate Agreements with South Korea and Singapore

August 2010

The negotiations will bring to 12 the number of double taxation agreements it has, equalling the minimum required by the OECD.

Panama's Vice-minister for the Economy, Frank De Lima, indicated thta the agreements will mean that by next year the country will no longer be on the gray list held by the Organisation for Economic Co-operation and Development (OECD).

Panama and Qatar Ink Tax Agreement

May 2010

This is the latest double taxation agreement signed by Panama; it has recently done the same with Belgium, Italy, Holland, Barbados, Spain and Mexico.

Economy Minister Frank de Lima stated that in May they will negotiate two additional agreements with France and Luxembourg.

Panama and Spain Ink Tax Agreement

May 2010

The country penned a double taxation agreement with Spain; it had already done so with Holland, Italy, Mexico, Belgium and Barbados.

Economy vice minister Frank de Lima explained that the country had set the objective of signing 12 of these agreements in 2010, and that they have already achieved half of it.