USA puts Panama and Costa Rica on tax haven list

The list is part of a report which refers to countries that are preferred by big companies from the US because of the advantages they obtain related to tax.

Wednesday, January 21, 2009

The article by Ana Cristina Camacho Sandoval published in the Elfinancierocr.com indicated that "In the report several criteria was used to define a tax haven: they are in jurisdictions where their subsidiaries are not required to pay taxes; where there is no exchange of tax information between the country in question and the United States and where there is a lack of transparency in the implementation of legislative, judicial and administrative regulations.

More on this topic

Guatemala Still a Tax Haven

April 2012

In the new list of countries which France has categorized as tax havens France does not include Panama nor Costa Rica, however Guatemala remains along with seven other jurisdictions.

In updated list of tax havens, which has not been reviewed since 2010 the following countries were excluded: Anguilla, Belize, Costa Rica, Dominica, Grenada, the Cook Islands, the Turks and Caicos Islands, Liberia, Oman, Panama, St.

Financial Secrecy in Central America and the World

October 2011

In the isthmus the country with the most financial secrecy is Panama (14 in the list of "opaque jurisdictions"), followed by Costa Rica (41) and Guatemala (42).

Globally Switzerland is top of the list followed by the Cayman Islands, Luxembourg and Hong Kong, all ahead of the U.S. which is in 5th place.

France Includes Central American Countries in “Tax-Haven” List

February 2010

Guatemala, Belice, Costa Rica and Panama were included in a list of 18 countries considered “Tax-Havens” by the French government.

The list was published in French newspaper Le Figaro, and is valid until January 1st, 2011.

Laestrella.com.pa reports: “French companies settled in those countries will receive harsher tax treatment. For example, they will have to retain 50% more for passive rents than companies located elsewhere”.

Panamá targeted by OEDC

October 2008

The Organization for Economic Development and Cooperation is combating countries considered tax havens, and Panama is in the list.

A report on fiscal cooperation published by OEDC on september 29 states that "there are still important restrictions in accesing banking information with fiscal purposes" in three of it member countries (Austria, Luxembourg and Switzerland), and in other tax havens like Panama and Singapur.

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