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.
"This process is part of the Government's efforts to have the country removed from a series of tax-haven graylists and blacklists, in order to protect Panama's fiscal regime and banking system", reported Critica.com.pa.
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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.
This is the latest double taxation agreement signed by Panama; it has recently done the same with Belgium, Italy, Holland, Barbados, Spain and Mexico.
Economy Minister Frank de Lima stated that in May they will negotiate two additional agreements with France and Luxembourg.
Panama is en route to sign double taxing agreements with Spain, Italy, Holland and Mexico.
Frank De Lima, Panamanian Vice President, reported that "the Government will prioritize those countries with which Panama has strong trade and diplomatic relationships".
De Lima also acknowledged "...these agreements are one way of complying with OECD requirements, in order to remove Panama from tax haven 'graylists'", reports Prensa.com.