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
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.
Both countries have taken steps toward signing a double taxation agreement.
On signing this agreement Panama will have completed 10 of the 12 it needs to be removed from the OECD’s gray list.
“Miguel Serrao and Helena Ferreira, officials from the Portuguese government, met with the Panamanian delegation headed by chief negotiator, Luis Laguerre, who represented the Vice-Minister for the Economy, Frank De Lima,” reports Panamá América.
The country completed 9 of 12 agreements required by the OECD to remove it from the tax haven gray-list.
The president, Ricardo Martinelli and his counterpart Lee Myung-bak took part as honorary witnesses to the signing of the Treaty for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to income taxes between the two countries.
Both countries will begin negotiations for a double taxation agreement on November 11th.
Panama's economy vice minister, Frank de Lima, who leads the negotiating team, has also contacted France, Germany, Australia, Japan, Holland, Switzerland, Norway, Island, Lichtenstein and England in order to negotiate double taxation agreements.