Panama Could Leave Gray List

A treaty signed with France will become the twelfth, enabling Panama to get off the list of tax havens.

Monday, June 20, 2011

As part of measures being taken by the government so that Panama will no longer be considered a tax haven, a treaty will be signed with French representatives in Paris to avoid double taxation (DTT).

With this agreement, which would be the twelfth signed by the country, Panama may ask the Organization for Economic Cooperation and Development (OECD) to eliminate it from the gray list.

An article in Prensa.com notes: "treaties to avoid double taxation will help promote investment and trade with other countries, according to government sources."

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More on this topic

Panama to Negotiate Agreements with South Korea and Singapore

August 2010

The negotiations will bring to 12 the number of double taxation agreements it has, equalling the minimum required by the OECD.

Panama's Vice-minister for the Economy, Frank De Lima, indicated thta the agreements will mean that by next year the country will no longer be on the gray list held by the Organisation for Economic Co-operation and Development (OECD).

Panama and Qatar Ink Tax Agreement

May 2010

This is the latest double taxation agreement signed by Panama; it has recently done the same with Belgium, Italy, Holland, Barbados, Spain and Mexico.

Economy Minister Frank de Lima stated that in May they will negotiate two additional agreements with France and Luxembourg.

Panama and Spain Ink Tax Agreement

May 2010

The country penned a double taxation agreement with Spain; it had already done so with Holland, Italy, Mexico, Belgium and Barbados.

Economy vice minister Frank de Lima explained that the country had set the objective of signing 12 of these agreements in 2010, and that they have already achieved half of it.

Panama and Netherlands Negotiate Double Taxation

April 2010

Starting today and until Wednesday, representatives from both countries will negotiate a Double Taxation Agreement in Panama City.

With these agreements, Panama seeks to be removed from OECD’s tax-haven gray-list. It has already closed similar treaties with Italy, Mexico, Belgium and Barbados.

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