Avoiding Being Called "Tax Haven"

The government of Panama will foster the negotiation and signature of treaties to avoid double taxation.

Thursday, August 6, 2009

A proposal approved by the Minister Cabinet will also analyze "where it is good for national interests to apply the Retorsion Law to countries discriminating Panama".

From Prensa.com: "Efforts will be done in the World Trade Organization, to complain against countries 'blacklisting' Panama, and they will analyze whether it is feasible to escalate the discussion to a multilateral entity like the International Monetary Fund".

More on this topic

Panama Seeks to Avoid Tax Haven Status

May 2013

The government has designed a strategy to change the international perception of the country as a tax haven in order to avoid discriminatory measures being taken against them.

From a press release by the Ministry of Foreign Affairs of Panama:

In order to end the discriminatory measures that Panama faces by being described as a tax haven the High Level Presidential Commission for the Defense of International and Financial Services, is looking at tools that could be used to defend the country on financial issues from the moment that they start, caused by being categorised as a tax haven.

Panama And Japan to Negotiate Double Taxation

April 2010

Both countries committed to negotiate a treaty to avoid double taxation.

The announcement was made by Finance Minister Alberto Vallarino, after meeting with its Japanese counterpart.

“Vallarino explained that such a treaty with Japan is necessary, as it would help increase commerce between both nations, especially with the expansion of the Panama Canal”.

Panama Exposes Financial Services Policies

August 2009

OECD ambassadors were communicated the country's willingness to implement transparency and information exchange standards.

Panama's Government explained its interest in establishing policies and agreements necessary to prevent the country's inclusion in tax-haven blacklists.

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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