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Panama Leaves Grey List

Contributed by Molina & Co.
11 July, 2011

Panama, satisfied after leaving grey list of the OECD Panama took over today as a "Breakthrough" to have finally been excluded from the lists of tax havens by the Organization for Economic Cooperation and Development (OECD), and coincided with the agency that had to work
hard to achieve.

Panamanian Vice President and Foreign Minister, Juan Carlos Varela, and the Minister Economy and Finance, Alberto Vallarino, said in a statement that the incorporation of Panama to the countries cooperating with the OECD is a "significant breakthrough" for the competitiveness of its industry
financial and legal services worldwide.

Ministers considered that this will help Panama obtain better investment grade rating as a country, higher than at present has, according to the statement issued by the Foreign Ministry.

The progress of Panama in fiscal transparency was announced today after who last week signed with France its twelfth Treaty prevent double taxation (DTT), number of agreements that the OECD will were required to remove the "grey list".

Varela cited a ruling by the secretary general of the OECD, Mexican Angel Gurría, in the sense that "Panama has worked hard" to achieve its output lists of tax havens and "has given Notable steps toward meeting international standards a short time. "

For his part, Vallarino said that Panama has not only been excluded from the "grey list" of the OECD, but also with the signing of these agreements, "has to be removed from the list of countries that had identified Panama as uncooperative tax havens, such as the Mexico, France, Italy and others."

Panama has signed in the last 18 months twelve agreements exchange tax information or to avoid double taxation with Italy, Spain, France, Portugal, Mexico, Luxembourg, Netherlands, Qatar, South Korea Singapore, USA and Barbados.

Varela said the chancellor have yet to sign the agreements negotiated with Ireland, Belgium and the Czech Republic, are expected to be signed in the near future.

Panama is also negotiating with Israel, Hungary, Bahrain, Switzerland and Cyprus TDT new agreements, the government said.

The OECD today officially announced the inclusion of Panama in the list of countries that meet the standards of tax transparency, but warned that the Global Forum, to elaborate the lists-should evaluate further whether the laws of Panama allow the "availability effective access and exchange information."


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