The vice-president and minister of foreign affairs of the Republic of Panama, Juan Carlos Varela, has visited Luxembourg, the Netherlands and Spain to sign double taxation agreements.
The agreements include tax information exchange protocols to conform with international transparency standards as laid down by the Organization for Economic Cooperation and Development and monitored by the Global Forum on Transparency and Exchange of Information for Tax Purposes.
In response to criticism in a recent peer review by the Global Forum, Panama reaffirmed its 2002 commitment to implement transparency and exchange of information for tax purposes. The government said it would enter into more double taxation conventions with mechanisms to exchange tax information based on international norms, modify its legislation to enable tax information exchange, and create the necessary operational framework.
Through these actions, Panama hopes that the Forum’s peer review group will be in a position to provide a supplementary evaluation in the first quarter of 2011.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.aspTags: tax | law | Organisation for Economic Co-operation and Development (OECD) | tax information exchange agreement (TIEA) | double tax agreement (DTA) | withholding tax | Luxembourg | Netherlands | Panama | Spain | standards | Panama | Spain | Netherlands | Luxembourg | Organisation for Economic Co-operation and Development (OECD)
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