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Panama Must Focus On Tax Transparency, Reform: IMF

by Mike Godfrey, Tax-News.com, Washington

08 May 2017


Panama should take measures to address its low tax revenues, including enhancing tax administration, streamlining tax incentives and exemptions, and avoiding new amnesties, the International Monetary Fund (IMF) has said.

The Fund reiterated calls for the country to keep improving its transparency and information exchange policies in line with international standards following last year's tax evasion scandal.

"Measures to strengthen tax transparency and ensure effective exchange of tax information must remain at the top of the policy agenda," the IMF said. "Building on considerable progress over the last year, policy efforts should focus on addressing remaining deficiencies to preserve Panama's position as a competitive and attractive destination for international financial and business services."

It added: "In particular, it is essential to demonstrate the availability of ownership information and reliable accounting records for all relevant entities registered in Panama, and put in place an effective mechanism for exchange of tax information."

The country was blacklisted by a number of jurisdictions, including France and Colombia after the Panama Papers leaks affair. Bulgaria removed Panama from its blacklist last month in recognition of the South American country's efforts to improve transparency and tax co-operation.

TAGS: tax | business | value added tax (VAT) | tax incentives | accounting | International Monetary Fund (IMF) | Bulgaria | Colombia | France | standards | Panama | services | South America

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