Panama: Information Exchange Agreement In Question

The law which validates the treaty to exchange tax information with the U.S. is not benficial, say lawyers.

Friday, May 6, 2011

The treaty signed between Panama and the U.S. is disliked by Panamanian lawyers, who claim that the U.S. tax system is almost unique and that the differences between this treaty (TIEA) and agreements to avoid double taxation are huge.

According to an article in Prensa.com "Carlos Ernesto González Ramírez, a lawyer, lamented that the vice minister negotiated a treaty with the U.S. without even knowing the difference between the tax regimen of that country compared to most other countries. This lack of knowledge, he says, is demonstrated in the statements of the Deputy Minister of Economy and Chief Negotiator of the agreement, Frank De Lima, in which they compared the retroactivity of the double taxation agreements with the TIEA signed with the U.S. "



More on this topic

Double Taxation: Agreement between Costa Rica and Mexico

May 2019

Since April 21, the agreement that avoids double taxation and mitigates its effects has been in force, as well as helping to eliminate barriers to trade and prevent tax evasion.

On March 21, Law 9644 was published in La Gaceta, corresponding to the agreement between the Republic of Costa Rica and the United Mexican States, which avoids the double taxation of income and wealth taxes.

Panama - Belgium Tax Information Exchange

July 2016

Negotiations have started to implement an agreement on information exchange and tax cooperation.

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

The Government of the Republic of Panama and the Kingdom of Belgium have agreed to begin negotiations on an instrument to facilitate the exchange of tax information between the two countries as part of the country's commitment to expand cooperation in tax matters which already includes negotiations with countries such as Germany, Japan and Singapore, among others.

Panama and Colombia Negotiating Over Tax Information

April 2016

Amid the Panama Papers crisis, the Panamanian and Colombian governments have resumed talks to reach an agreement on the exchange of tax information.

From a statement issued by the Ministry of Foreign Affairs in Panama:

The Republic of Panama resumed (on Wednesday 13 April) in Bogota, negotiations with the Republic of Colombia for Cooperation between Administrative Authorities on money laundering and other issues, and for an agreement to avoid double taxation.

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.

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