OECD pushes for more stringent tax laws in Panama

(newsroompanama.com) Panama is being pushed by the Organization for Economic Cooperation and Development (OECD) to make changes to taxation legislation to zero in on owners of bearer shares in corporations and company income generated abroad.

Although Panama had been signing double taxation treaties with other countries to comply with OECD guidelines it will have to take additional measures to exit the list of tax havens compiled annually by but the agency. "changes to legislation are necessary to ensure that tax information is available and accessible to Panamanian authorities." ays a recent report referring to “the availability of information on bearer shares and income from companies that is independently generated outside of the country.”


Panama has passed legislation that allows the General Directorate of Income to gather information from any entity in Panama, including banks, even in the absence of a domestic tax interest. That information can then be exchanged with tax authorities in other countries which have agreements in place with Panama.


The government will soon be complying with the OECD needs and will present a draft law that to force financial entities to allow officials access to additional information regarding corporations and private interest foundations.

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Original Source: Newsroompanama.com
Date Retrieved: October 18, 2010.