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Panama Defines exit Strategy for blacklisting Panama as a Tax Haven
August 11, 2009
by Edith Castillo for La Prensa
In today's La Prensa in the Tuesday's supplement of Martes Financiero it stated how panama is strategizing to defend the promotion of integrity and competitiveness of its international service. The article translated into english below.
By: EDITH CASTILLO for La Prensa
The Organization for Economic Cooperation and Development is determined to punish those countries that have been designated as "tax have", but Panama, which appears on this list has not been standing idly and has developed a strategy to defend the promotion of integrity and competitiveness of its international services.
Besides proposing the swap agreements to avoid double taxation, the Government has decided to develop a state policy to strengthen the international platform of services and attracting foreign capital, in the best interests of the country.
The Economy and Finance Minister, Alberto Vallarino, who leads the strategy, reported that it signed agreements representing economic benefits will begin efforts to the World Trade Organization (WTO) to bring claims relating to countries that discriminate against Panama, also discussed the appropriateness of applying the law of retaliation.
You could start negotiations with countries like United States and Holland.
"What we want to avoid is the so-called fishing expeditions through which an agreement was made to search for information and triangulations of nationals from other countries," explained Vallarino.
For the signing of these treaties, Panama has decided to protect the privacy of individuals.
Luis Lopez Alfaro, of the International Bar Association, highlights the fact that it is the first time that the country adopts a policy consistent with international standards.
For his part, former deputy minister of Finance Latorraca Sunday stressed that this strategy will ensure that Panama remains a safe haven for domestic and foreign investment.
The economist William Champagne said that "the national interest is in Panama to avoid double taxation in order to make the country more attractive for foreign investment."
The specialist questioned the goal of protecting the confidentiality and meet the aspirations of the other party.
"As to what the WTO must take care that does not result in a Pyrrhic victory. Recall the case of bananas in the European Union has repeatedly been condemned by this body, but discriminatory tariffs against Latin American countries remain in force with some variations, "he adds.
Chapman hopes to reach agreements that restrict access to tax information on specific cases and through mechanisms well-bounded and not through general raids to avoid double taxation with the countries with which Panama has the largest commercial ties.
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