Lawyers Criticize New Tax Information Agreement Between Panama and the US

(Panama-Guide) - La Estrella -  Yesterday's meeting between leaders of the National Bar Association and officials from the Ministry of Economy and Finance over an agreement between Panama and the United States to exchange tax information, has exposed that there was no study done on the potential positive or negative impact of the agreement, nor on the potential impact of the agreement on the country's economy. Representatives from the Panamanian Lawyer's Association asked for a report on the effects of the agreement from the Minister of the Economy Alberto Vallarino, without achieving a concrete answer. The lawyers also strongly questioned as to why the government did not first hold consultations with the leaders of the various business sectors. Elias Levy criticized that to negotiate with a country like the U.S. always produces passions, and in this case it would have appropriate to take more time before signing the agreement "so that interested parties could have full information about the real extent of this tax agreement.' Vallarino responded by saying the agreement is similar to others the country has signed with 13 other governments in the Americas, Asia and Europe.

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Original Source: Panama-Guide

Date Retrieved: November 27, 2010.