Fiscal Transparency between Panama and France

An agreement was signed to create a working group on fiscal and financial transparency cooperation, with the aim of removing Panama from the French list of non-cooperating countries in tax matters.

Thursday, November 28, 2019

The Ministry of Economy and Finance of Panama reported that the working group will contribute to strengthening cooperation, improving the exchange of fiscal information, promoting financial transparency and the fight against money laundering, focusing on finding more efficient mechanisms and practices for the exchange of information for fiscal purposes, within the framework of the provisions of the tax agreements in force between the parties, including all aspects of the process, from the preparation and sending, to the receipt and response of requests for exchange of information.

Ver "Panama: Effects of the French Blacklist come into force"

The official statement adds that "... Its working mechanism will be based on meetings twice a year, alternately in France and Panama, and when required it will hold extraordinary meetings. It will be chaired on the French side by the Director General of Public Finance and on the Panamanian side by the Director General of Revenue or his designated representatives.

This intergovernmental group will be joined by representatives of the Ministries of Foreign Affairs of each country and their respective embassies depending on the place of the work meeting, within the framework of the provisions of the tax agreements in force between France and Panama, and any other institution of one of the parties may be incorporated, with the prior agreement of its counterpart.
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More on this topic

France's Grey List: Guatemala Out, Panama Continues

January 2020

The French government reported that it removed Guatemala from the list of countries that do not cooperate with the exchange of fiscal information, but kept Panama.

The European country's authorities reported that Guatemala was removed from the list because it ratified the convention on mutual administrative assistance in tax matters of the Council of Europe and the Organization for Economic Cooperation and Development (OECD).

Panama: Penalties for Failing to Provide Tax Information

September 2016

A bill being promoted by the Executive branch establishes penalties of between $500 and $10,000 for private entities that fail to provide information as requested.

From a statement issued by the Presidency of Panama:

Reaffirming a commitment to protect the platform of logistics and financial services, the Government of the Republic of Panama has approved a bill creating a regulatory framework for implementing the Exchange of Information for tax purposes and other provisions.

Panama Back on French List of Tax Havens

April 2016

The country's reappearance on the list of jurisdictions accused by France of tax opacity, would mean the application of a withholding tax on transactions between the two countries.

Only one day after the revelation of leaked information from the Panamanian law firm Mossack Fonseca, the French government has announced that Panama will once again be included in the "black list" of countries that do not cooperate in terms of fiscal and financial transparency.

Costa Rica Signs Agreement Against Tax Evasion with OECD

June 2015

The agreement provides for the exchange of financial account information, including balances, interest, dividends and profits from sales of financial assets, both for individuals and corporations.

From a statement issued by the Ministry of Finance in Costa Rica:

COSTA RICA signs multilateral agreement on automatic exchange of information with OECD

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