A proposal has been made in Panama to make public all sanctions to be imposed on entities that violate the law on prevention of money laundering.
The proposal put forward by the National Committee Against Money Laundering, and Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (CNBC), created in 2015 within the framework of the new law on prevention of money laundering, aims to "...
The project to build a mini city to house the offices of state entities, with a cost of $400 million, is facing opposition from the Varela administration.
The "Government City" project, which remained on paper for several years, was resuscitated during the Martinelli administration, with companies even being pre-qualifying for the work, although in the end it never actually materialized.Now the Varela government is arguing that it will not allocate budget funds to carry out the project.
Japan, India and Australia will join the list of countries with which Panama will exchange tax information.
Of the agreements that have been negotiated in recent months, "... most of the agreements are already in place and only 6 are pending signing (Austria, Belgium, Germany, Bahrain, Vietnam and Colombia)."
The treaty to avoid double taxation will come into force in 2018 and includes a clause for exchanging tax information upon request, in accordance with OECD standards.
Ending a story that began two years ago when Colombia suggested including Panama on its list of tax havens, the government has finalised negotiations and announced that the treaty to avoid double taxation will be signed by presidents Santos and Varela in June this year and will take effect automatically in 2018.
Corporations that have not paid their annual fee for ten years will be officially dissolved after their names have been published in the official newspaper La Gaceta.
The Minister of Economy and Finance said in an article on Laestrella.com.pa that "... 'it is a plan we have been working on since last year. There is a provision in the tax code that establishes that corporations that have not paid their annual fee for ten years will be dissolved ex officio.'"
Confirmation has been given that the country is to be removed from the list compiled by the Financial Action Task Fprce a year and a half after adjusting laws and regulations for the financial sector.
The Minister of Economy and Finance in Panama, Dulcidio De La Guardia, confirmed that the removal of Panama from the gray list was approved during the plenary session of the Financial Action Task Force (FATF) held on Thursday February 18 in Paris, France.
An initiative by the Ministry of Economy aims to return to withholding agents money spent on implementing the new ITBMS payment systems.
The implementation of technology dealing with the Tax on the Transfer of Movable Property and the Provision of Services (ITBMS) has entailed a cost for companies which make annual purchases equal to or more than $10 million.
The government has announced that investments will be made in road infrastructure, social housing, health, sanitation and education in 2016.
The eastern part of the Province of Panama (covering the eastern part of Tocumen International Airport to Darien Province) could have new infrastructure projects, as announced in the last Cabinet council meeting of the Government.
At the end of third quarter the fiscal deficit as a percentage of GDP decreased from 4.6% in the previous year to 1.8%, while during 2015 current expenditures increased by 5%.
From a statement issued by the Ministry of Economy and Finance (MEF):
- MEF presents Fiscal Third Quarter Results
- NFPS deficit was reduced from 4.6% to 1.8% of GDP.
The Minister of Economy and Finance, Dulcidio De La Guardia, presented today at a press conference the fiscal balance of the nonfinancial public sector (NFPS) and the Central Government for the Third Quarter of 2015.
Noting that the country´s tax burden is only 10% of GDP, the Minister of Finance has announced a review of 110 laws on subsidies, exemptions and distribution of resources.
Evoking the Panamanian commitment to achieve the Sustainable Development Goals of the United Nations for the elimination of poverty, the minister Dulcidio De La Guardia has emphasized the need to increase tax revenues, which in Panama are "... the equivalent of 10% of gross domestic product (GDP), while in medium developed countries they are equivalent to 20% and in those of the Organization for Economic Cooperation and Development (OECD), they are 30%. "
Ferris & Associates is a boutique law firm specialized in Business Law, Litigation and Conflict Resolution and Foreign Investmente, as well as, providing personalized services.
Operates in Costa Rica and Costa Rica
Phone: (506) 2588 2505 - (506) 2288 2245
The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the German Chamber of Commerce and the American Chamber of Commerce (AMCHAM) of Panama.
Operates in Panama
Phone: (507) 3406447
More than a Law Firm. Lex Counsel & Co. is a business ally, an integral adviser and a support team for all our client’s needs. We established our firm to offer high quality services both at national and international level, under a renewed professional proposal, endorsed on standards that guarantee options abilities, personal and permanent contact and quality results on every transaction we intervene.
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Barrantes & Associates is a full service Costa Rica Law firm located in San Jose Costa Rica. We have been in business since 1999.
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The International Merchant Marine Registry of Belize (IMMARBE) is under the Ministry of Finance, with its Head Office located in Belize City. The Registration of Merchant Ships Act, 1989 as amended in 1996 governs the merchant fleet.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (+501) 223 50 26