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Panama Out of the 'Grey List' of Tax Havens by the OECD

Contributed by Gerli Wren & Co.
10 August, 2011

Panama has left the "grey list" of tax havens by the Organization for Economic Cooperation and Development (OECD) after signing agreements to exchange tax information with 12 countries, said the international body.

The progress in fiscal transparency Panamanian consolidated after that Central American countries signed the Treaty with France the twelfth to prevent double taxation (DTT) required.

The Secretary General of OECD, Angel Gurria, Mexico, acknowledged in a statement that Panama "has worked hard to achieve this milestone and has made great progress on its path to meet international standards in a very short time."

Thus, Panama has become the 39th state to obtain this classification, since the system was created in April 2009.

However, the OECD warned that the Global Forum, to elaborate the lists, will continue to evaluate whether national laws of Panama allow for "effective availability, access and exchange of information."

"The Government has introduced changes to the agreements are effective. Global Forum On the monitor to make sure they work as intended," said Gurria.

The head of the Paris-based agency said that "Panama is important to continue working to fully implement the standards."

The other countries with which Panama has reached such agreements are South Korea, Spain, United States, France, Holland, Italy, Luxembourg, Mexico and Portugal are to be signed with Belgium, Ireland and Czech Republic.

Panama also signed tax treaties with non-OECD countries such as Singapore, Qatar and Barbados, which completes the dozen.

The Central American country now negotiating with Israel, Hungary, Bahrain, Switzerland and Cyprus, concluded new agreements DTT, according to the Government of Panama.


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