Panama is expected to sign a double taxation agreement (DTA) with Mexico in February 22, which will be the first of its kind, and will start in late January a diplomatic offensive in Europe to promote the signing of similar treaties. The deputy economy minister of Panama (MEF), Frank De Lima told reporters today that the agreement with Mexico, which is signed in the Mexican city of Cancun, does NOT imply a reform of the banking law, but does result in the tax reforms which the government intends to submit shortly to the legislature. According to the official, issues such as exchange of information and concepts as transfer pricing, which are not covered by existing legislation, will be included in the tax reform.
Panama negotiated since 2009 similar treaties with various countries, including Italy and Belgium, and is on track to do so with Spain.
Economy Minister Alberto Vallarino, will meet in Paris Jan. 25 with representatives of the OECD. The next day, Vallarino will meet with French Finance Minister Christine Lagarde, to try to determine the date of start of negotiations to conclude a tax treaty with that country. The delegation will visit Spain to meet with the Spanish authorities of finance, who already expressed to Panama their interest to negotiate a treaty of this nature. "Panama has sent letters to 21 of the 30 OECD countries expressing interest in negotiating double taxation treaties, and the Foreign Ministry is making concrete steps to achieve final dates with said countries" the Minister added. He noted that out of the OECD lists, Panama must have twelve agreements signed, and it is on the verge of agreeing the second of those with Italy, a country with which it will hold a second round of talks, the 26th and 27th of this month in the Panamanian capital.
Jan 13, 2010 http://www.pa-digital.com.pa/periodico/edicion-actual/hoy-interna.php?story_id=875612#axzz0jFKXpON9
Panama concludes negotiation of double taxation agreements with Mexico, Italy and Belgium.
Jan 22, 2010 http://www.estudio1panama.com/?p=24316
France negotiates Double Taxation Agreement with Panama in Paris at the end of next May. Spain is expected to sign a treaty on April 26 in Madrid and another with Qatar on May 10. Notices were also sent to Israel, Great Britain and other countries outside the Organization for Economic Cooperation and Development (OECD). "We received news that Luxembourg will negotiate with Panama in June" said ViceMinister Frank De Lima. The deputy minister also spoke of progress with other OECD countries, among which he highlighted:
- Mexico: signing of a treaty on 22 February, which is awaiting ratification by the legislatures of both countries.
- Italy and Belgium: only hope to define the date for signing the agreement.
- Barbados: the negotiations will begin on Monday 8 March in Panama.
- Netherlands: it is planned to begin negotiations the first week of April in Panama.
Mar 5, 2010 https://www.mef.gob.pa/Portal/2010-comunicados/2010-FRANCIANEGOCIARaTRATADODEDOBLETRIBUTACIONCONPANAMa.html
Barbados became the 4th nation to conclude negotiations of a DTA with Panama, and joined Mexico (signed on 22 February) Italy and Belgium.
Other negotiations: Netherlands: negotiations begin the first week of April, Spain: Negotiations begin this 26th of April in Madrid, Qatar: Starting on 10 May, France: Starting on May 25, Luxembourg: begin in June. Letters have also been sent to Switzerland, Israel and England, among other countries which are not members of OECD.
Mar 10, 2010 https://www.mef.gob.pa/Portal/2010-comunicados/2010-PANAMaCONCLUYENEGOCIACIoNCONBARBADOS.html
Minister of Economy and Finance, Alberto Vallarino and Viceminister, Dulcidio De La Guardia, met this Monday in Mexico with finance authorities of Chile, Japan and France, with regards to DTAs in order to have Panama removed from the OECD grey list.
Mar 22, 2010 https://www.mef.gob.pa/Portal/2010-Comunicados/2010-Durantemisinoficialenelexterior.html
See also
Panama stays out of list of non-cooperative centers
http://mypanamalawyer.blogspot.com/2009/04/panama-stays-out-of-list-of-non.html
Economist: The G20 and tax - Haven hypocrisy
http://mypanamalawyer.blogspot.com/2009/04/economist-g20-and-tax-haven-hypocrisy.html
Panama currently has around 20 double taxation agreements for air and shipping transportation with countries such as U.S., U.K., Switzerland, Russia, Japan since the 1960s.
International Taxation of Low-Tax Transactions...
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