Tuesday, August 31, 2010

Panama heading for target of 12 Double Taxation Agreements

Panama will negotiate with Singapore next week the 12th double taxation agreement (DTA) required to exit the gray list of the Organization for Economic Cooperation and Development (OECD).

On Aug 18 negotiations were completed for a double taxation avoidance agreement with South Korea.

A double taxation agreement with Mexico has been ratified by the Panama legislature. Other treaties have been signed with Barbados, and negotiations have been closed with France, Italy, Belgium, Spain, Netherlands, Qatar, Luxembourg and Portugal.

http://www.asamblea.gob.pa/actualidad/proyectos/2010/2010_P_156.pdf Mexico-Panama Agreement for Double Taxation Avoidance and Tax Evasion Prevention

In the last 6 months, bills have been entered into the Panama legislature to ratify Bilateral Investment Treaties for the protection of investments with Italy, Belgium, Qatar, and Luxembourg granting national treatment to investments from those countries.
http://www.asamblea.gob.pa/actualidad/proyectos/2010/2010_P_153.pdf Qatar
http://www.asamblea.gob.pa/actualidad/proyectos/2010/2010_P_146.pdf Italy
http://www.asamblea.gob.pa/actualidad/proyectos/2010/2010_P_148.pdf Belgium-Luxembourg
http://www.asamblea.gob.pa/actualidad/proyectos/2010/2010_P_147.pdf Finland

A bill to ratify a Mutual Legal Assistance Treaty with Russia has been submitted. This Agreement provides that:
Bank secrecy can not be used as a basis for denying legal assistance.
3. The Parties may not refuse a request for legal assistance only because it is considered that the crime also involves tax matters.
http://www.asamblea.gob.pa/actualidad/proyectos/2010/2010_P_150.pdf Russia MLAT Bill

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