The signing is part of a strategy by the country to exclude Panama from the grey-list created by the Organization for Economic Cooperation and Development (OECD), informed the minister of Economy and Finance, Frank De Lima.
This is the tenth agreement signed by Panama in its strategy to defend international services and also meet the 12 treaties needed to be excluded from the grey list, said De Lima, and indicated as a benefit that, "Panama is getting the deductibility of conventions for American taxpayers, which will help further promote tourism in our country."
Source: Ministry of Economy and Finance (Panamá)
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For the first six months of the year negotiations have been planned with Germany, the UAE and Hungary.
A press release from the Ministry of Economy and Finance reads:
The Panamanian government will continue to expand its network of tax treaties, despite already having the twelve treaties required by the OECD, reported by the Minister of Economy and Finance, Frank De Lima, who announced that for the first semester negotiations are planned with Germany, the UAE and Hungary.
Conversations have been started to eliminate double taxation and ensure non-discriminatory treatment of taxpayers.
Delegations from both countries are meeting in Costa Rica to discuss the issue and to reach an agreement for the execution of the agreement.
An article in Columbia.co.cr reports: "To date Costa Rica and Mexico have signed an agreement for Exchange of Information in Tax Matters and Free Trade.
The agreement signed on March 17, will contribute to increasing Canadian investment and ties between the two nations.
From a press release issued by the Ministry of Foreign Affairs in Panama:
The Republic of Panama and Canada, represented by Chancellor Fernando Nunez Fabrega and the Minister of Foreign Affairs for the Americas and Consular Affairs of Canada, Diane Abloncky signed a Cooperation Agreement for Fiscal Cooperation and the Exchange of Information on Tax Matters.
The Government will ask Congress to hasten the adoption of a law on bank secrecy, after an unofficial list of tax havens has been released in France which includes Guatemala.
According to President Pérez Molina, the country's inclusion in the French list "is a unilateral decision" of the French Government, because "Guatemala has not approved bank secrecy."