Panamanian Banks Rejects Tax Haven Accusation

Mario de Diego, executive vice president of the Panama Banking Association (ABP), said that if the concern of the member countries of the Organization for Economic Cooperation and Development (OECD), "is that the Panamanian banking system is safeguarding funds originating from these countries, statistics show the opposite."

According to Panama’s Superintendency of Banks, only 15% of local bank deposits are made by nationals of OECD countries, while the rest belong mostly to citizens of other countries in Latin America.

As recommended by the OECD, Panama has made changes in legislation and has signed 12 agreements with other countries, to avoid double taxation and to promote the exchange of information.

Source: Prensa.com

More on this topic

Panama's Double Taxation Agreements

August 2010

The country known for its canal is making progress toward its objective to sign at least 12 DTA in order to comply with the OECD requirements and come off the organization's list of tax havens.

Signing double taxation agreements (DTAs) has the added benefit that it may make it easier for the countries with which the information sharing agreements are reached to invest in Panama.

French Senate Rejects Double Taxation Agreement with Panama

December 2011

In light of the decision by the Finance Committee of the French Senate, the Panamanian Presidency has issued a statement:

On the morning of Wednesday, December 14, the Government of Panama received a visit by Mr. Damien Loras, special envoy of President Nicolas Sarkozy, who confirmed France’s commitment to approving the Double Taxation Treaty with Panama in order to remove our country from the French list of countries not cooperating in the exchange of tax information.

Panama Complies with OECD Requirements

June 2011

After signing today a fiscal information convention with France, Panama has completed the 12 fiscal agreements required by the Organization for Economic Cooperation and Development (OECD) in order to exclude Panama from the list of tax havens.

A press release from the Ministry of Foreign Affairs of Panama states:

Panama to Negotiate New Double Taxation Treaties

January 2012

Before April 2012 the country will negotiate double taxation agreements with the UAE and Hungary.

The announcement was made by the Minister of Economy and Finance, Frank de Lima, during the opening of the new ordinary session of the Legislature.

"The head of the Ministry of Economy and Finance stressed the importance of the ratification by the French legislature of the double taxation agreement with Panama signed last December and its departure from the "gray list " collated by the Organization for Economic Cooperation and Development (OECD). He said that the move by France means that later this month, when France makes its list of countries with uncooperative tax policies, Panama should be left out of this category", reported Prensa.com.