Guatemala Wants Out of OECD’s Grey-List

The country has exchanged texts with seven countries to sign double taxation agreements.

Tuesday, April 13, 2010

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. He added they are working with Congress to pass reforms to eliminate banking secrecy and bearer shares in corporations.

More on this topic

Panama: To Be or Not to Be "Gray"?

October 2014

Panama, Bahrain, the Cook Islands, Nauru and Vanuatu are the countries that have refused to join the OECD agreement for automatic exchange of tax information.

Laestrella.com.pa reports that "... According to data provided by the Global Forum on Transparency, linked to the Organization for Economic Cooperation and Development (OECD), these five states are the only ones who have been unwilling to adhere to the automatic exchange.

Fiscal Transparency Project in Costa Rica

April 2010

Pressured by OECD, the Government of Costa Rica is taking steps to update its regulations in order to comply with international standards.

A bill presented in the legislative introduces changes to enable tax information sharing with other nations.

“With the reform, tax authorities may demand information on economic transactions from more entities, not just banks”, reported Univision.com.

Tax Pressure in Central America

November 2012

In 2010, when looking at total tax revenue as a percentage of GDP, Costa Rica has the highest ratio in Central America, and ranked fourth in Latin America, behind only Argentina, Brazil and Uruguay.

The study on Tax Statistics in Latin America, by the Organization for Economic Cooperation and Development (OECD), notes that while the ratio of tax revenue to GDP has been growing in Latin American countries, the average of the so called "tax pressure" is still below the average for countries who are members of the OECD.

Panama and Italy Close Tax Agreement Negotiations

December 2009

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.

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