The Minister of Economy of Panama, Frank De Lima, said a Panamanian trade mission is to visit Aruba in August, headed by the Foreign Trade Vice Minister, José Domingo Arias. "We made recommendations on diversification of economic activities in the island, which was a follow up meeting we had with the Finance Minister in March of last year," he said.
"We met to strengthen trade ties between both countries," said De Lima, pointing out that Aruba is very interested in the enlargement of the Panama Canal and the impact it can have on a new port they are putting out to tender, which they think can become a distribution center for Venezuela and Colombia.
He stressed that a key issue at the meeting was tourism, highlighting the similarity of the two countries in considering this industry as one of the most important, as well as an employment generator.
"The possibility to make a circuit for tourists coming from Europe was discussed. There are things Panama can learn from Aruba in tourism, which has developed it with great success," said De Lima.
Before April 2012 the country will negotiate double taxation agreements with the UAE and Hungary.
The announcement was made by the Minister of Economy and Finance, Frank de Lima, during the opening of the new ordinary session of the Legislature.
"The head of the Ministry of Economy and Finance stressed the importance of the ratification by the French legislature of the double taxation agreement with Panama signed last December and its departure from the "gray list " collated by the Organization for Economic Cooperation and Development (OECD). He said that the move by France means that later this month, when France makes its list of countries with uncooperative tax policies, Panama should be left out of this category", reported Prensa.com.
On November 30th Panama will sign a tax agreement with the United States.
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.
Both countries have agreed to start meetings in Panama, in order to sign a Double Taxation Treaty.
A press release from Panama’s Ministry of Economy and Finance states:
Following a visit by the Minister of Economy and Finance, Frank De Lima, to Britain, and also his meeting with David Hartnett of HM Revenue and Customs, both officials have agreed to start meetings in Panama, with the view to signing a Double Taxation Treaty .
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