In Costa Rica a bill intends to discourage the use of "tax havens", controlling the legitimacy of the costs incurred in those territories.
At present the bill under discussion in the Committee on Financial Affairs, is expected to publicize a final report in mid-March. The initiative "... also excludes deductions for expenses to be made or paid by resident individuals or entities in tax havens."
Ecuador, where Panamanian companies have not been able to operate since 2009, has opposed the government of Panama’s decision to apply retaliatory measures.
Panama's inclusion in Ecuador’s list of tax havens has prevented Panamanian companies from participating as providers of goods or services in Ecuador since 2009, outlines Laestrella.com.pa.
"The mirror or retaliatory measures have been approved by Panama as ‘a mechanism to deal with restrictions’ and actions that are ‘discriminatory applied by Ecuador ’ in keeping its list of tax havens, according to the Panamanian government."
The Panamanian Chamber of Commerce has rejected accusations made by the French President, Nicolas Sarkozy, in which he implied that Panama was a tax haven.
A press release from the Panamanian Chamber of Commerce, Industries and Agriculture states:
The Panamanian Chamber of Commerce, Industries and Agriculture (CCIAP), rejected the accusation made last week by French President Nicolas Sarkozy, in the context of the G-20, which indicated that Panama is a tax haven.
In light of its inclusion in the list of countries who do not have sufficient "fiscal transparency", Panama has requested a supplemental report that includes all measures implemented in the area since May 2010.
A statement from the Ministry of Economy and Finance of Panama reads:
1. From September 2009, Panama ran a strategy whose objectives were to promote Panama’s economic development, defend the good name of the country, and be removed from the OECD’s discriminatory lists, among other things. Panama is committed to implementing the principles of effective information exchange and transparency in tax matters.
The country has not been able to pass the first filter set by the Global Forum on Fiscal Transparency.
Accompanied by Uruguay and Barbados, among other countries, Panama is part of the list of countries that, according to the OECD, do not meet certain rules to promote tax transparency, for example, the implementation of information exchange agreements.