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| Panama, Barbados Initial DTA |
by Phillip Morton, Investors Offshore.com
Thursday, June 24, 2010
Meeting to discuss enhancing bilateral relations, Panama’s Vice President,
Juan Carlos Varela and George Hutson, Barbados’s Minister of International
Business, initialed the text of a convention for the avoidance of double taxation
and fiscal evasion with respect to taxes on income between the two countries.
Speaking prior to the signing, Barbados Prime Minister David Thompson
said: “Barbados is looking forward to the strengthening of ties with Panama,
and the signing of a Double Taxation Agreement between the two Organization
of American States member countries will give impetus to those relations."
For his part, Varela said Panama was also looking to expand its economic presence
in the Caribbean and South America, and he expressed the hope that a Free Trade
Agreement with CARICOM would materialize in the near future. "This would
benefit both sides," he said. Remarking that Panama's economy has been
markedly resilient to the crisis, he stressed the importance of foreign investments
and noted that bilateral relations and reciprocal agreements were essential
as governments prepared for the upturn.
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