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.
He added that the agreement was initially discussed by Ricardo Martinelli and Spanish president José Luis Zapatero, when the former visited Spain in 2009.
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.
Ricardo Barrientos, Finance vice minister, remarked that efforts are being done to get out of the tax-haven gray list.
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.
“This is another step in the process to remove the country from the discriminatory lists maintained by the Organisation for Economic Co-operation and Development (OECD)”, he said.
Panama concluded negotiations for a double taxation agreement with Italy.
The agreement between both countries will be signed very soon, stated Frank de Lima, Panamanian vice minister of Economy.
"So far, there have been three negotiating rounds between delegations from both countries. The last was held yesterday in Milan. ... Panama is currently negotiating double taxation agreements with France, Mexico and Spain", reported Pa-digital.com.pa.