Tension with Ecuador Could Affect Trade

A decree by the Ecuadorian government prohibits public contracting of companies based in “Fiscal Paradises.”

Wednesday, June 24, 2009

Panama does not dismiss the formation of a block by those countries affected by the new decree.

Prensa.com highlights comments by the vice minister of foreign trade, Severo Sousa, regarding this issue: "We can, in some way, join efforts if we were to take the case to the WTO (World Trade Organization) to begin a diplomatic offensive, or both can be done."

More on this topic

Colombian Tax Denounced to WTO as Illegal

September 2013

Panama has requested that the World Trade Organization verify that the taxes being charged by Colombia on imports from the CFZ are illegal.

This was announced by Minister of Commerce and Industries of Panama, Ricardo Quijano, who explained that his government has asked the WTO to establish a panel "to determine the legality of the measures imposed by Colombia on imports of clothing and footwear from the Colon (Free) Zone," noted an article in Laprensa.com.ni.

Issue of Tariffs With Panama and Colombia Goes to WTO

August 2013

Colombian authorities have show no interest in resolving the issue of additional taxes on imported goods from the CFZ.

According to Ricardo Quijano, Minister of Commerce and Industry (Mici), the panel could be set up in September as it ensures that the first step has already been taken and there has been a consultation period with the authorities of both countries to find a solution, which in this case could be a modification to the Colombian decree .

Panama Dennounces Colombia before WTO

June 2013

The process began with a request on the part of Panama for consultations with Colombia over the fixed excess tariffs on imports of textiles and footwear originating in certain countries.  

This tax directly affects the Colon Free Zone (CFZ), which imports products mainly from Asia for reexport to the region, with Puerto Rico, Venezuela and Colombia being the major destinations.

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.

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