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The Colombian Government announced on October 21, 2014, that it will remove Panama from its blacklist of non-cooperative territories after the two countries agreed to sign a tax information exchange agreement (TIEA).
The two countries signed a memorandum of understanding, which lays the foundation for a TIEA, the Colombian Government said.
Colombia blacklisted Panama on October 8, 2014, after Panama failed to meet a deadline set by Colombia for concluding a TIEA. Panama's Vice President and Foreign Minister, Isabel De Saint Malo, said on October 14 that Panama deserved no place on the tax blacklist and would respond with reciprocal measures if it was not removed from the list. The stand-off was resolved following several days of negotiations that began on October 17.
The Colombian Government also announced that it had removed Barbados, the United Arab Emirates, and Monaco from the list after TIEAs were signed with those nations.
Countries that are placed on Colombia's tax blacklist face a 33 percent withholding tax on outgoing payments, rather than the standard 10 percent.
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