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| Panama Pushes For White List Placement |
by Mike Godfrey, Tax-News.com, Washington
Wednesday, August 18, 2010
Panama’s Deputy Economy Minister, Frank De Lima has said that by the beginning
of 2011 Panama should be placed on the Organization for Economic Cooperation and Development’s (OECD's)
white list of territories that have substantially implemented the internationally
agreed standard for transparency and tax information exchange through the signing
of comprehensive Double Tax Agreements (DTAs).
He said negotiations with South Korea for a convention for the avoidance of
double taxation had commenced on August 13 and negotiations with Singapore are
to begin this week. The conclusion of these two agreements, De Lima said, would
bring Panama’s tally of such OECD model agreements to twelve, satisfying
the criteria for white list placement.
According to De Lima, to date Panama has agreed the text of double taxation
treaties with France, Italy, Belgium, Spain, Luxembourg, the Netherlands, Qatar,
Portugal, Mexico and Barbados, but has only signed the latter two. Panama is also in negotiations for similar agreements with Ireland, the Czech Republic, Canada,
Bulgaria, Hungary, Britain, Cyprus, Germany and Switzerland.
In September, Panama will conclude talks on a text with Ireland, and in October with the Czech Republic, De Lima disclosed.
Also in October, Panama’s Vice President and Foreign Minister, Juan Carlos Varela is to undertake an official tour of Europe, signing treaties with Italy, Spain,
France, Portugal and Luxembourg.
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