Double Taxation Agreement Panama - Colombia

In a seventh round of negotiations, an attempt will be made to lay the groundwork for an agreement that seeks to avoid damage to both countries.

Tuesday, November 24, 2015

If an agreement is not reached, Colombia will classify Panama as a tax haven, with a consequent increase in costs for bank transactions between the two countries, and exposing Columbia to the measures provided under Panama's Law of Retaliation.

An article on Critica.com.pa reports that "... According to the Panamanian negotiators there are still differences, but during this period, some coming together was achieved though there are still some positions on some issues on which they are "opposed". "

In October 2014, Colombia classified Panama as a tax haven, and the Panamanian government threatened Colombia with retaliation in the form of raising tariffs, taxes on remittances and removal of the exemption from tolls for Colombian ships.

Days later, the Colombian government announced "an understanding to negotiate a double taxation agreement according to OECD standards, so as to remove Panama from its list of tax havens "



More on this topic

Exchange of Tax Information Panama - Uruguay

May 2018

In addition to the agreement that will allow the exchange of financial and tax information, both countries decided to remove each of them from the lists of nations that do not promote transparency.

From a statement issued by the Ministry of Economy and Finance in Panama:

Colombia and Panama Announce Tax Information Agreement

April 2016

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.

Costa Rica Signs Tax Convention with OECD

March 2012

Adherence to the Multilateral Agreement involves sharing tax information with 23 countries, allowing advances to be made in international transparency policies and the fight against tax evasion.

A statement from the Finance Ministry reads:

COSTA RICA SIGNS INTERNATIONAL TAX COOPERATION CONVENTION WITH 23 COUNTRIES

To Be or Not to Be a Tax Haven

November 2011

If Panama does not efficiently and effectively provide the information required by foreign authorities, it will worsen the current perception of non-cooperation.

An analysis of this thorny issue made by Carlos Barsallo, president of the National Securities Commission, makes clear that since 1949, the adoption of Act 62 of 1938, Resolution 38 October 1949 and the reform of the Tax Code 1957 and subsequent regulations, have the clear purpose of turning Panama into an offshore financial services center (commonly known as a tax haven).

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