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Colombia has added Panama to its list of countries it considers to be tax havens, according to the head of Colombia's tax agency, Santiago Rojas.
Rojas said that Panama had been placed on the list after failing to meet a deadline for concluding a tax information exchange agreement (TIEA) with Colombia.
Panama will now face a 33 withholding tax on money transfers, rather than the standard 10 percent. Furthermore, purchases made by Colombians in Panama will no longer be deductible against Colombian income tax.
Panama will be removed from the 41-country list, which also includes the United Arab Emirates, the Isle of Man, Barbados, and Qatar, when it signs a TIEA.
The Panamanian Government disputed its placement on the list, stating that its tax system has been "endorsed by duly accredited international organizations."
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