The Cabinet Council is supporting a bill to approve an Agreement between the Republic of Panama and the Czech Republic for the avoidance of double taxation and to prevent tax evasion with respect to taxes on income and its protocol.
From a press release from the Presidency of Panama:
The French government has reported that Costa Rica will no longer appear in its list of states and territories who are non cooperative with regards to taxation.
A statement from the Presidency reads:
- Decision conducive to investment climate in the country.
- New information exchange agreements will be signed in the next few days
The Finance Minister of Costa Rica, Fernando Herrero, said Costa Rica was excluded from the list of tax havens drawn up by France in early 2010.
In January, the first Convention of Tax Information Exchange could be signed with Australia.
In order for this convention, and others are under negotiation, to be implemented, Congress needs to approve the banking secrecy law, which would allow access to accounts relating to tax matters, a requirement of the Organization for Economic Cooperation and Development (OECD).
If Panama does not efficiently and effectively provide the information required by foreign authorities, it will worsen the current perception of non-cooperation.
An analysis of this thorny issue made by Carlos Barsallo, president of the National Securities Commission, makes clear that since 1949, the adoption of Act 62 of 1938, Resolution 38 October 1949 and the reform of the Tax Code 1957 and subsequent regulations, have the clear purpose of turning Panama into an offshore financial services center (commonly known as a tax haven).
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.
The country has exchanged texts with seven countries to sign double taxation agreements.
Additionally, the Public Finances Ministry has invited Pascal Saint-Amans, head of the Tax Transparency Forum at the Organization for Economic Cooperation and Development (OECD), to visit the country.
Panama now has also signed double taxation agreements with Italy, Mexico, Belgium and Barbados.
Economy Minister Frank de Lima explained that these agreements are part of the government’s policies to make the financial services sector more competitive.
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