Panama to Sign Tax Agreement with Mexico

Both countries will sign a double taxation agreement in Cancún, Mexico.

Monday, February 22, 2010

The Mexican treaty will be the first out of 12 agreements that Panama intends to sign with OECD members (Organisation for Economic Co-operation and Development).

“Such requirement was set by OECD in order to remove the country from a ‘gray-list’ of countries considered tax havens”, reported Prensa Libre.

More on this topic

Panama and South Korea Sign Tax Agreement

October 2010

The country completed 9 of 12 agreements required by the OECD to remove it from the tax haven gray-list.

The president, Ricardo Martinelli and his counterpart Lee Myung-bak took part as honorary witnesses to the signing of the Treaty for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to income taxes between the two countries.

Panama and Luxembourg Agree on Double Taxation

June 2010

Authorities from both countries concluded negotiations for a double taxation agreement.

This is the ninth agreement negotiated by Panama, out of 12 required to get out of the list of tax-havens of the Organization of Economic Co-operation and Development (OECD).

“Both delegations met in Panama during the week, and finally signed a draft agreement, which must still be formally ratified by the Legislative bodies of both nations”, reported Prensa.com.

Panama and Mexico Sign Tax Agreement

November 2009

Both countries signed a double taxation agreement.

It is based on the model proposed by the Organization for Economic Co-operation and Development (OECD).

Alberto Vallarino, Panamanian Economy and Finance Minister, explained that "...the treaty establishes that once it is ratified by both parliaments, Mexico will remove Panama from their 'black-list'".

Panama Seeks Tax Agreements

September 2009

Panama is en route to sign double taxing agreements with Spain, Italy, Holland and Mexico.

Frank De Lima, Panamanian Vice President, reported that "the Government will prioritize those countries with which Panama has strong trade and diplomatic relationships".

De Lima also acknowledged "...these agreements are one way of complying with OECD requirements, in order to remove Panama from tax haven 'graylists'", reports Prensa.com.

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