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Colombia, Panama Extend Deadline For Tax Info Exchange Talks

by Mike Godfrey, Tax-News.com, Washington

08 October 2015


Colombia and Panama have agreed to extend by 60 days the deadline for concluding negotiations on a tax information exchange agreement (TIEA) after failing to meet the September 30, 2015, deadline.

The two countries initiated the TIEA talks in October last year following Colombia's decision to place Panama on its blacklist of non-cooperative territories.

Mauricio Cárdenas said that while the two sides have had productive negotiations towards a TIEA, they have still not been able to agree on some issues.

The Minister said that the negotiating teams of both countries had requested the extension of the deadline.

The blacklisting of Panama by Colombia led to a diplomatic crisis between the two countries last year. The blacklisting was said to be due to Panama's failure to conclude a TIEA. Countries that are placed on Colombia's tax blacklist face a 33 percent withholding tax on outgoing payments, rather than the standard 10 percent.

Panama was provisionally removed from the blacklist when the two countries agreed to negotiate a TIEA.

TAGS: compliance | tax | business | tax information exchange agreement (TIEA) | tax compliance | international financial centres (IFC) | Colombia | offshore | agreements | withholding tax | Panama | Tax | Tax Evasion

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