Panama Pushes For White List Placement

[Admin]

Panama’s Deputy Economy Minister, Frank De Lima has said that by the beginning of 2011 Panama should be placed on the Organization for Economic Cooperation and Development’s (OECD's) white list of territories that have substantially implemented the internationally agreed standard for transparency and tax information exchange through the signing of comprehensive Double Tax Agreements (DTAs).


He said negotiations with South Korea for a convention for the avoidance of double taxation had commenced on August 13 and negotiations with Singapore are to begin this week. The conclusion of these two agreements, De Lima said, would bring Panama’s tally of such OECD model agreements to twelve, satisfying the criteria for white list placement.


According to De Lima, to date Panama has agreed the text of double taxation treaties with France, Italy, Belgium, Spain, Luxembourg, the Netherlands, Qatar, Portugal, Mexico and Barbados, but has only signed the latter two. Panama is also in negotiations for similar agreements with Ireland, the Czech Republic, Canada, Bulgaria, Hungary, Britain, Cyprus, Germany and Switzerland.


In September, Panama will conclude talks on a text with Ireland, and in October with the Czech Republic, De Lima disclosed. Also in October, Panama’s Vice President and Foreign Minister, Juan Carlos Varela is to undertake an official tour of Europe, signing treaties with Italy, Spain, France, Portugal and Luxembourg.

[megamath]

Does it mean the end of Panama as an offshore jurisdiction, I though and heard lots of people form companies in Panama the thing that worries me is that with the tax exchange agreement and DTAs they sign with the most important countries in the world makes it less safe for privacy protection!!!