The Panamanian government has announced its willingness to review current practices in the legal and financial system and collaborate with other governments in legal proceedings over financial and tax offenses.
Following the massive leak of financial information from a Panamanian law firm, the Government announced that it is evaluating the practices relating to its financial system and that it will collaborate with other jurisdictions to investigate citizens suspected of criminal activities, including tax evasion. The announcement was made by President Juan Carlos Varela.
Legal tax engineering is a mandatory business practice for anyone who wants to be competitive in today's globalized world, and only those who are not entrepreneurs can afford to refuse to acknowledge this fact.
With the same firmness that we criticize businesspeople who evade taxes or bribe officials to get a contract, we must defend every business practice which is framed within the law to pursue the best use of available resources to generate wealth through the production of goods and services, which is what businesses do.
The country's reappearance on the list of jurisdictions accused by France of tax opacity, would mean the application of a withholding tax on transactions between the two countries.
Only one day after the revelation of leaked information from the Panamanian law firm Mossack Fonseca, the French government has announced that Panama will once again be included in the "black list" of countries that do not cooperate in terms of fiscal and financial transparency.
The Monetary Board has issued regulations governing the registration of local rating agencies, and the requirement for all financial institutions to be qualified.
In addition the Monetary Board (MB), published the regulation on Concentration in Contingencies and Investments as well as issues related to the operating permits for offshore entities, regulations that are part of the changes made to the Banking Act and financial groups that were in effect before April 1.
The proposed modifications to the Banking Law will establish minimum deposits and limitations to investments.
The General Secretary of the Presidency is currently analyzing the proposal, and it could reach the Legislative soon.
"Among the new measures there is a $12.500 minimum for opening accounts", publishes PrensaLibre.com. "Another modification will force offshore companies to diversify their investments, concentrating no more than 30% of their equity in debt. Today there is no limit."
In Costa Rica, exactly at a time when financial operators are asking for greater flexibility, the mandate of the “hard hand of SUGEF” comes to an end.
Upon finalizing his 5 year mandate as the head of the General Superintendent of Financial Companies of Costa Rica, the current Superintendent, Oscar Rodriguez Ulloa, whose management was characterized by productivity in regulations that modernized banking norms and also by an inflexibility in his dealings with supervised companies, will terminate his post on the 28th of February.
Two Costa Rica banks – the local unit of Canada's Scotiabank and BAC San José – announced the closure of offshore accounts.
Representatives of both banks made the announcement after the Costa Rican government sent its Congress a bill to impose new regulations on offshore accounts.
"We're getting out of the offshore business anyway, so the new rules won't affect us," said Scotiabank general manager Luis Liberman.
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
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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.
All our Attorneys are English speaking.
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Phone: (506 ) 2256 3807 - (506 ) 8339 1622