Hidden owners of Panama Corporations to be uncovered

(newsroompanama.com) Another step to get Panama off the Organization for Economic Cooperation and Development (OECD) tax haven black list has been proposed by the country’s Ministry of Economy and Finance.

Registered agents would be required to record the benefiting owners of corporations, including those controlled by bearer shares.

The law includes sanctions for companies that do not comply with the regulations.

"It is something that Panama has to do to meet the requirements of double taxation treaties," said Deputy Minister of Economy and Finance Frank De Lima. "Panamanian legislation allows the use of bearer shares, and authorities need to know the owners of those shares to provide the information to the country requesting it."

The change is one of those being demanded by the OECD and is needed to remove Panama from the list of tax havens compiled annually.

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Original Source: newsroompanama.com
Date Retrieved: October 8, 2010.