The announcement was made by the Minister of Economy and Finance, Frank de Lima, during the opening of the new ordinary session of the Legislature.
"The head of the Ministry of Economy and Finance stressed the importance of the ratification by the French legislature of the double taxation agreement with Panama signed last December and its departure from the "gray list " collated by the Organization for Economic Cooperation and Development (OECD). He said that the move by France means that later this month, when France makes its list of countries with uncooperative tax policies, Panama should be left out of this category", reported Prensa.com.
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Both countries have agreed to start meetings in Panama, in order to sign a Double Taxation Treaty.
A press release from Panama’s Ministry of Economy and Finance states:
Following a visit by the Minister of Economy and Finance, Frank De Lima, to Britain, and also his meeting with David Hartnett of HM Revenue and Customs, both officials have agreed to start meetings in Panama, with the view to signing a Double Taxation Treaty .
On November 30th Panama will sign a tax agreement with the United States.
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 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.
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.