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Panama Information: Business, Taxation and Offshore
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In this section:
- Panama Tax-News.com Coverage »
- Panama Tax Treaty Updates from TreatyPro »
- Panama Knowledge Base »
- Panama Comments »
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- 11/04/2013
Panama Reforms Tax Authority
- 04/04/2013
Pacific Alliance Agrees Free Trade Zone
- 03/04/2013
Canada-Panama Free Trade Agreement In Force
- 20/03/2013
Canada Hails TIEA With Panama As Key In Tax Evasion Fight
- 06/03/2013
Swiss Bank Liable In US Tax Evasion Case
More
Panama Tax News
»
Treaty Update: Panama
- Various
9/4/2013
The Panama Government announced on April 4, 2013, that the nation will soon launch negotiations with Austria and Vietnam towards new double tax agreements.
Treaty Update: Panama
- United Kingdom
5/4/2013
Panama and the United Kingdom have agreed to the signing of a DTA in May 2013, Panama's ambassador to Britain, Ana Irene Delgado has announced.
Treaty Update: Panama
- Canada
19/3/2013
Panama and Canada signed a TIEA on March 17, 2013.
More
Panama Tax Treaty Updates from TreatyPro »
Panama
Knowledge Base
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Colon Free Zone
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Forms of Offshore Operation
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Employment and Residence
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of Income Tax
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Income Tax Rates
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Other International Agreements
Panama
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Related Information
- Map of Panama
- New
Multinationals established in Panama taking
advantage of the Multinational Headquarters
Law, Contributed by Icaza
- How
To Deal with Financial Uncertainty in the
Present World, Contributed by Cititrust
International Inc.
- Panama
-Training, Tax Deductible, Contributed
by Gerli Wren & Co.
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Panama joins OECD´s White List,
Icaza.
-
U.S. Law jeopardizes the Panamanian banking
secrecy, Contributed by Molina & Co.
- Panama
and International Insurance, Contributed
by Cititrust International Inc.
- Panama:
A Tax Update and Business Opportunities,
Contributed by Cambra La Duke & Co.
- Panama
Private Foundations, Contributed by
Gerli Wren & Co.
- Panama
Banking Center Asset, Contributed by
Rodrigo Julio Molina O
- Panama
Pacifico: Gateway to the Americas, Contributed
by Freemont Group
- Panama
and the United States Sign an Agreement
for Tax Cooperation and Tax Exchange of
Information Relating to Taxes, Contributed
by Icaza, Gonzalez-Ruiz & Aleman
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Panama
Comments
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question or if you have
an opinion you want to
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to a thread below:
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| Topic:
Panama |
| VGMC Panama |
We are shareholders of VGMC Virgin Gold Mining Corporation (Panama). VGMC has announced to all the shareholders lately that, effective from 1st October 2012 VGMC Panama is under process of transferring all our shares to Professional Closed End Funds under BVI for the company to be listed in 2013 purpose; accordingly, all the shareholders’ shares will be managed under Professional Closed End Funds under BVI effective from December 2012.
We are all very anxious to clarify if the announcement is true. Many thanks,
VGMC Shareholders |
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| Topic:
Panama |
| Panamanian company opening a US business bank account without Nexus |
The owner of my Panamanian company, myself and a few independent contractors perform international business services on behalf of global clients, some of which are US businesses.
We're considering opening a US HSBC business account in order to receive payment from these US clients. Our Panamanian company performs the "work" (services) outside the USA although one of my newest independent contractors will be located in the USA (Colorado) but his relationship is to the Panamanian company and not to the US client directly.
The idea is to accept payment to the US account and then transfer this money (or not) to the Panamanian business account. What we're mostly concerned with is the avoidance of creating a 'nexus' with the USA since, according to the IRS, payment for 'services' to non-resident alien companies does not create a nexus and can be made without withholding 30% even without a tax treaty in place if payment is for services. Why pay additional US taxes on these earning if not legally obligated to, right?
HSBC seems to say that their non US based "Business Relationship Managers" can open a US account on behalf of a foreign corporation without a TIN. They're not explicit about this but strongly suggest this is possible.
So if anyone can clarify whether this will work or the problems we would face, I'd greatly appreciate it. By the way, no one is trying to avoid legitimate US taxes. The owners of the company are not US residents nor citizens, company is not a US company and any independent contractors are liable for their own taxes and tax reporting. We're considering opening this account only as a convenience to the US clients.
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| Topic:
Panama |
| Panamanian company opening a US business bank account without Nexus |
The owner of my Panamanian company, myself and a few independent contractors perform international business services on behalf of global clients, some of which are US businesses.
We're considering opening a US HSBC business account in order to receive payment from these US clients. Our Panamanian company performs the "work" (services) outside the USA although one of my newest independent contractors will be located in the USA (Colorado) but his relationship is to the Panamanian company and not to the US client directly.
The idea is to accept payment to the US account and then transfer this money (or not) to the Panamanian business account. What we're mostly concerned with is the avoidance of creating a 'nexus' with the USA since, according to the IRS, payment for 'services' to non-resident alien companies does not create a nexus and can be made without withholding 30% even without a tax treaty in place if payment is for services. Why pay additional US taxes on these earning if not legally obligated to, right?
HSBC seems to say that their non US based "Business Relationship Managers" can open a US account on behalf of a foreign corporation without a TIN. They're not explicit about this but strongly suggest this is possible.
So if anyone can clarify whether this will work or the problems we would face, I'd greatly appreciate it. By the way, no one is trying to avoid legitimate US taxes. The owners of the company are not US residents nor citizens, company is not a US company and any independent contractors are liable for their own taxes and tax reporting. We're considering opening this account only as a convenience to the US clients.
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| Topic:
Panama |
| low tax |
|
I live in uk I am starting to trade the forex market can I have the profit paid directly to an offshore acount without incuring uk tax. thanks
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