Panama and Singapore Sign Tax Agreement

The Panamanian government announced the signing of the agreement to avoid double taxation.

Monday, October 18, 2010

Vice President and Foreign Minister, Juan Carlos Varela, and the Minister of Foreign Affairs of Singapore, George Yeo, signed a Treaty for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to income taxes, the first such agreement signed with an Asian country.

This treaty, the eighth signed, is the result of a national strategy to protect the international financial services of the country, "seeking to improve transparency and promote the attraction of foreign capital and generate greater investor confidence" as stated by President Ricardo Martinelli.

Varela also discussed with his counterpart on the possible opening of a Singapore sales office in Panama, an initiative that would strengthen trade relations between both countries. The chancellor also addressed issues of mutual interest such diplomacy, commercial and mutual cooperation.

More on this topic

Panamanian Banks Rejects Tax Haven Accusation

November 2011

The Panama Banking Association has asked the government to respond to statements made by the French president and claim compensation for damage caused to the country.

Mario de Diego, executive vice president of the Panama Banking Association (ABP), said that if the concern of the member countries of the Organization for Economic Cooperation and Development (OECD), "is that the Panamanian banking system is safeguarding funds originating from these countries, statistics show the opposite."

Panama Complies with OECD Requirements

June 2011

After signing today a fiscal information convention with France, Panama has completed the 12 fiscal agreements required by the Organization for Economic Cooperation and Development (OECD) in order to exclude Panama from the list of tax havens.

A press release from the Ministry of Foreign Affairs of Panama states:

Panama and South Korea Sign Tax Agreement

October 2010

The country completed 9 of 12 agreements required by the OECD to remove it from the tax haven gray-list.

The president, Ricardo Martinelli and his counterpart Lee Myung-bak took part as honorary witnesses to the signing of the Treaty for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to income taxes between the two countries.

Panama Exposes Financial Services Policies

August 2009

OECD ambassadors were communicated the country's willingness to implement transparency and information exchange standards.

Panama's Government explained its interest in establishing policies and agreements necessary to prevent the country's inclusion in tax-haven blacklists.

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