Panama under Pressure for Fiscal Haven Claims
(Prensa Latina) The Panamanian economy, which provides a wide range of services, is under international pressure due to claims that is it is close to become a fiscal haven.
According to analysts, in April, the Organization for Economic Cooperation and Development (OECD) included Panama in a list of 40 countries linked to the activities of fiscal havens.
In addition, in the framework of the Free Trade Agreement between Panama and the United States, Washington set some conditions, including elements related to tax information and public limited companies.
In light of the situation, the government and private businesspeople have rejected the efforts to include Panama in the fiscal haven category.
The list of institutions opposed to that decision includes the Panamanian Bank Association and the Association of International Lawyers, as well as officials from the incumbent and the future administrations.
In that regard, Trade Minister Gisela Alvarez pointed out that regarding taxes, the government has been emphatic when saying that we are not in a position to make decisions regarding the exchange of fiscal information.
The response must be careful, because any decision by the authorities of the Superintendence of Banks may have a long-term negative impact on the domestic economy.
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Original Source: Prensa Latina
Date Retrieved: June 1, 2009.
