The amendment to the Tax Code, partially approved by Congress, omits the concept of "global income", and establishes "territorial income".
Latribuna.hn reports that "...The Bill for a new Tax Code was drafted by the government, employers and a sector in the social economy, and during the dissemination it was said that the change to "Territorial Income represents a setback in the fight against capital flight."
Legal tax engineering is a mandatory business practice for anyone who wants to be competitive in today's globalized world, and only those who are not entrepreneurs can afford to refuse to acknowledge this fact.
EDITORIAL
With the same firmness that we criticize businesspeople who evade taxes or bribe officials to get a contract, we must defend every business practice which is framed within the law to pursue the best use of available resources to generate wealth through the production of goods and services, which is what businesses do.
The Organization for Economic Cooperation and Development has released a plan for the design of international standards to prevent abuse of rules such as the one that lets companies avoid paying taxes in two countries.
Nacion.com reports that "The secretary general of the OECD, Miguel Angel Gurría, accompanied by the G20 finance ministers, today in Moscow presented an ambitious plan to combat the shortcomings of countries tax systems and halting tax evasion by multinationals. "
The country known for its canal is making progress toward its objective to sign at least 12 DTA in order to comply with the OECD requirements and come off the organization's list of tax havens.
Signing double taxation agreements (DTAs) has the added benefit that it may make it easier for the countries with which the information sharing agreements are reached to invest in Panama.
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