PANAMA MEETS THE TWELVE AGREEMENTS REQUIRED BY THE OECD

September 3, 2010

The Organization for Economic Cooperation and Development (OECD) requires that Panama complies with at least twelve treaties in order to be removed from the tax haven lists in which it is included. However, the country already achieved it, and expects to be off the lists in 2011.

In closing negotiations with South Korea and Singapore, Panama met the twelve agreements to avoid double taxation and to exchange tax information. Nevertheless, Panama will have to wait until the list is updated next year. Additionally, the respective parties must sign the agreements.

At this time, the formalities have only been finalized with the agreements reached with Barbados, Mexico and Portugal. The other agreements that have already been accepted but not signed are those with Belgium, France, Holland, Italy, Luxembourg, Qatar and Spain.

Others News