Panama Will Sign Double Taxation Agreement with France
Economy ministers from both countries agreed to sign a double taxation agreement.
Wednesday, January 27, 2010
They also discussed other aspects of the bilateral relations between both countries.
Panamanian Finance minister Vallarino told French newspaper Le Figaro that his government is committed to 'ending this false reputation of fiscal paradise', reported Prensa.com.
Authorities from both countries concluded negotiations for a double taxation agreement.
This is the ninth agreement negotiated by Panama, out of 12 required to get out of the list of tax-havens of the Organization of Economic Co-operation and Development (OECD).
“Both delegations met in Panama during the week, and finally signed a draft agreement, which must still be formally ratified by the Legislative bodies of both nations”, reported Prensa.com.
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”.
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'".
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