Panama versus European Union Tax Haven Blacklist, Money Laundering, Illicit "Black Money"

[Bud]

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Panama hoping to exit tax haven list

Posted on July 28, 2016 in Panama

Post Views: 60

HOPES ARE HIGH in Panama that the country’s name will be missing  from a list of tax havens to be published by The Organization for Economic Cooperation and Development (OECD) in July next year.

To determine if a country is cooperative or non-cooperative with regard to tax matters, the body will use three criteria: the implementation of the exchange of information, the commitment to send bank wire information automatically from 2018 and the signing of the multilateral convention on mutual administrative assistance in tax matters.

Over the next year the organization will review the implementation of the regime for the exchange of information.

Panama is committed to the automatic exchange of information starting from 2018 and has said it will sign the multilateral convention. It is currently  in phase II of the peer review of its assessment process. If the rating is negative, it will have until July 2017 to make corrections.

Gian Castillero, an adviser to the Ministry of Foreign Affairs, said that the country will automatically be part of the list  of tax havens if it fails to pass the phase II evaluation, regardless of whether or not it has met the other two criteria.

“Panama hopes to be evaluated as ‘partially compliant.’ If not, we will have until July 2017 to improve the assessment,” said Castillero.

OECD Secretary General Angel Gurria said in the report presented to the G20 that it was “delighted to announce that it received a letter from the vice president of Panama formally requesting an invitation to sign the multilateral convention after its ratification, which will allow them to better implement commitments for the exchange of information upon request as well as the automatic exchange of financial information,” reports La Prensa.

http://www.newsroompanama.com/business/panama-4/panama-hoping-exit-tax-haven-list

[Moderator_02]

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France maintains that Panama is a tax haven

It said that 25 of its 40 requests for information were not answered.

Victoria Isabel Cardiel C., ROME 18 nov 2016 - 09:07h

The recent signing of the tax information sharing agreement promoted by the Organization for Economic Cooperation and Development (OECD) by Panama is not enough in the eyes of France to remove the country from its list of tax havens.

France said that it considers the agreement to be "vague" and added that it fails to define the countries with which it would apply.

The French Ministry of Finance said that, "in terms of the fight against tax evasion and aggressive tax optimization worldwide, we have immediately registered Panama on our list of non-cooperative states and jurisdictions."

This decision will be effective from Jan. 1, 2017.

Sources from the ministry explained that there are three reasons for including Panama on its list of tax havens. The first has to do with the specific cases in which France requested specific tax information.

"Of the 40 requests for information sent to Panama, 25 have been answered incompletely," sources said.

The second refers to the commitment of the country to exchange financial information with other states. In this respect, France said that Panama has announced plans to move to an effective automatic exchange of financial information, but "at the moment, has been vague in its realization."

"It has not signed this convention expressly and has been ambiguous with the countries with which it would be put into practice," they explained.

The third reason is linked to the bilateral convention signed in 2011 between the two countries to avoid double taxation. In this sense, France said that Panama has refused to acknowledge that this agreement "had no limits."

France also accused Panama of being unable to proceed efficiently on the issue of the exchange of tax information.

Panama Revenue Director Publius Cortes said the position of France is unfair.

"The answers to requests for information, both in the past and under this administration have always been on time and efficient with all our partners," he said at an OECD meeting two weeks ago. "The discrepancy has been linked to the content of the response. Domestic legislation has now changed and we are now allowed to give better information."

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‘Panamá ha hecho lo correcto’ , asegura Varela

Andrea Gallo, Aminta Bustamante | 18 nov 2016 - 09:07h

El presidente de la República Juan Carlos Varela recibirá hoy viernes el informe elaborado por un comité de expertos independientes que revisó las prácticas de la industria financiera. “El informe lo recibiré mañana [por hoy] y el lunes será publicado”, indicó ayer el mandatario.

Sobre los cuestionamientos que en los últimos días han realizado el premio Nobel de Economía Joseph Stiglitz y el experto suizo anticorrupción Mark Pieth acerca de la falta de transparencia del sistema financiero panameño, el presidente de la República, Juan Carlos Varela, aseguró que ambos tenían derecho a opinar. “Ellos están en su derecho... agradezco a Stiglitz y a Pieth por haber formado parte de la comisión, pero ellos tienen derecho a opinar”, dijo.

“Panamá ha sido reconocido por [la canciller alemana] Angela Merkel, una persona honesta, una líder y una persona transparente... Panamá ha hecho lo correcto y ya ha sacado de circulación temas pendientes”, agregó el mandatario. La vicepresidenta y canciller, Isabel de Saint Malo de Alvarado, aseguró que el país está cumpliendo con el intercambio de información fiscal con Francia.

“Panamá ha estado dando los pasos correctos, la Dirección General de Ingresos está respondiendo a las solicitudes de Francia”, dijo.
La vicepresidenta agregó que Francia está pidiendo información adicional en relación a la Ley de Registro Contable, sin embargo, asegura que la legislación panameña no permite divulgar ese tipo de información.

 

http://www.prensa.com/in_english/Francia-mantiene-Panama-paraisos-fiscales_21_4624247530.html

[Moderator_02]

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Panama Warns France Over Inclusion on Tax Haven List

By THE ASSOCIATED PRESS NOV. 18, 2016, 5:25 P.M. E.S.T.

Continue reading the main story

PANAMA CITY — Panama's president is warning France that his country will retaliate diplomatically if it is not removed from a list of tax haven countries.

President Juan Carlos Varela said Friday that France has until the end of the year to make the change.

Panama's financial system was shaken in April by the leak of a huge trove of documents detailing offshore financial dealings. Many of the documents detailed how world leaders, celebrities and businesses used tax shelters to hide money.

Varela says an independent report with recommendations on how to reform Panama's financial sector will be released Monday.

The two best-known members of the independent study panel, economist Joseph Stiglitz and Swiss anticorruption expert Mark Pieth, left the effort in August over internal differences.

http://www.nytimes.com/aponline/2016/11/18/world/americas/ap-lt-offshore-accounts-panama.html

[Moderator_02]

http://www.prensa.com/in_english/Oxfam-elabora-paraisos-fiscales-Panama_21_4642245737.html

[Moderator_02]

http://www.prensa.com/in_english/Panama-pedira-exclusion-lista-paraisos_21_4664743483.html

[Bud]

That is one heck of a beautiful skyline shot of PC at dusk. Strongly suspect that Photoshop had something to do with it, but it still is very enticing.

[Moderator_02]

http://www.prensa.com/in_english/Francia-reconoce-Panama-cooperacion-transparencia_21_4669992955.html

[Moderator_02]

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Panama poised to avoid new tax haven list

Posted on June 29, 2017 in Business, Panama

 

Losing tax have label?

Post Views: 7

PANAMA  is poised to prevent its name from appearing on a new of list of tax havens prepared by  the Organization for Economic Cooperation and Fevelopment (OECD.

The OECD  battle against tax evasion is under the mandate of a G-20, forum bringing together the world’s most industrialized countries and an emerging group.

This week Panama received the qualification of “broadly fulfilling OECD   requirements for transparency and tax Information exchange.

To not appear on the list Panama has to have a wide network of countries with which to exchange financial information and the commitment to exchange information automatically from 2018. When asked if an appearance in the new G-20 list is ruled out, the Minister of Economy and Finance, Dulcidio De La Guardia,  told La Prensa  that “each country is sovereign to make its lists as well as Panama. We cannot make inferences about what a group or a country can do. The responsibility of Panama was to make the corresponding changes and the international community has recognized it. The recognition of the OECD Global Forum will be a very important input into the G-20 decision on which countries are cooperators or not on issues of fiscal and financial transparency “.

The Global Forum evaluated the standards and effective compliance of Panama in the exchange of financial information upon request. One of the international community’s concerns

was the lack of cooperation with other countries when they required information in the framework of An investigation for tax evasion. France was one of the countries that claimed the lack of compliance by  Panama when the European country required of information about its taxpayers.

Last November, Panama was rated as “non-compliant” by the Global Forum review. At that time, Panamanian officials said that the analysis had been done over a period of time prior to the reforms implemented in the last two years. That is why a Fast Track review was requested , which is equally exhaustive but of shorter duration. The content of the evaluation has not been published, but the qualification of “widely

Achieved ” has been announced. The OECD notes in a statement that in the last 15 months the changes implemented

By jurisdictions have led to 17 upgrades in grades. Panama is one of the three countries that have moved from

From “non-compliant” to “broadly compliant”, although the qualification is provisional.

 

http://www.newsroompanama.com/business/panama-poised-avoid-new-tax-haven-list

[Moderator_02]

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Panama on European Union First Tax Haven Blacklist

Posted on December 5, 2017 in Panama, Panama

Panama banking area

Post Views: 141

Panama, riven by multiple financial and corruption scandals like the Panama Papers, Odebrecht, and Blue Apple has been included on the first blacklist of tax havens of the  28 member European Union.

The other countries named by the finance ministers of the block are American Samoa, Grenada, Bahrain, Barbados, Guam, South Korea, Macao, Marshall Islands Mongolia, Namibia, Palau, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and the United Arab Emirates.

It is the last step of a complex process of negotiating balances that started in the EU two years ago.

The meeting of ministers on Tuesday, Dec 5  lasted several hours and the main obstacle for the agreement was the possibility of imposing sanctions on the named jurisdictions.

In February The EU set three common criteria to separate countries that cooperate and those that do not: the level of fiscal transparency, the degree of justice of its tax policy and the implementation of measures recommended by theOECD to avoid erosion of the tax base or practices of transfer of benefits.

The following month, the EU started a dialogue with Panama to try to avoid its inclusion in the list of tax havens.

The Panamanian government entity that led the technical talks with the Council of the European Union was the Directorate General of Revenue.

Alongside opening  channels among tax experts, Panama scrambled to activate its political machinery and in March sent  Vice President and Chancellor to Brussels to strengthen relations between the agency and Panama and to laud the country’s progress in transparency and the fight against tax evasion.

Panama signed several agreements and  introduced changes in its domestic legislation to adapt itself to the new commitments

However, neither the diplomatic channel nor the commitment to the transparency standards set by the international community served to prevent the inclusion of Panama on the blacklist, reports La Prensa.

The EU presented the list of jurisdictions considered non-cooperative as a triumph that reinforces the European block against opaque practices.

“The ministers have finally adopted the first European list of tax havens. It’s a milestone important to me after two years of struggle. The main one comprises 17 countries whose commitments are insufficient despite 10 months of dialogue, “said the European Commissioner of Economic Affairs, Pierre Moscovici.

Not punitive
“It is not a punitive measure. Our wish is that these countries want to cooperate more in the future, “said Estonian Finance Minister Toomas Tõniste, who currently holds the Presidency of the Council of the EU., he added that the list will be revised and updated “in the coming years”, without specifying when.

A press release by the Council of the EU said the objective of the list of non-cooperative jurisdictions is to promote “good governance” globally to “Maximize efforts to avoid tax fraud and tax evasion.”

 

http://www.newsroompanama.com/news/panama/panama-european-uniontax-haven-blacklist

[Moderator_02]

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Panama blacklisting sends country reeling

Posted on December 6, 2017 in Panama, Your Man in Panama

 

Varela Committee members Mark Pieth and Joseph Stiglitz report their findings in Brussels. The government ignored the warning signs.

Post Views: 389

THE GOVERNMENT   and Panama’s private sector were left reeling by Sunday’s announcement from the 28  countries of the European Union that the country has been included in a new blacklist of tax havens along with 16 other territories.

But   with the country tarnished by near-daily revelations of corruption at the highest levels of government,  a real estate industry used to launder drug money and a flawed  judicial system which  grants impunity to those who have stolen hundreds of millions of dollars from the public coffers and accepted massive bribes from entities like Odebrecht, while the administration continues  to hand out lucrative  direct contracts,  the decision will not come as a surprise.

The Panama Papers revelations sent shock waves around the world and the government’s efforts to paper over the cracks with an inquiry committee largely composed of local power brokers led to the early resignation of two distinguished outsiders, a Nobel prize-winning economist and a famed Swiss law professor. They declared themselves hamstrung by restrictions imposed by the country’s leaders who, when the scandal broke had the founders of the law firm at the heart of the scandal. acting as advisors to the administration.

The “outsiders”  did not go quietly but issued their own report in  Brussels at the heart of the EU, calling for quarantines for tax havens. The administration was wearing blinkers and earplugs,

In an age of information overload, successive administrations continue to live in a bubble, acting as if “news”  of goings-on in the isthmus take weeks to reach the rest of the world as it did when The Panama Star was founded in the mid 19^th century.

Odebrecht, Finmeccanica, Martinelli, Financial Pacific  “New Business”  the Supreme Court-National Assembly impunity pact, Waked and more have not gone unreported.

The EU reserves the right to impose sanctions on the countries that make up the list, which will not be able to benefit from economic development funds according to the conclusions, signed on Sunday.

La Prensa reports that The EU decision provoked the “overwhelming” repudiation of the private sector and the Government, which recalled its ambassador to the bloc, to assess damage control.

The president of the National Council of Private Enterprise, Severo Sousa, said that the country should adopt a more vigorous position and suggested that the public and private sectors dialogue to make decisions, without ruling out “retaliatory measures”

Threatening to use small arms against a giant power block will not work.  Flushing the corruption toilets, including the judicial system would be a better starting point.

 

http://www.newsroompanama.com/news/panama/panama-blacklisting-sends-country-reeling

[Moderator_02]

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Panama on the Black List of the European Union

After two years of negotiations the European Union has reached a consensus and defined a list of 17 nations considered to be "tax havens", among which is Panama.

Tuesday, December 5, 2017

For the first time, tax authorities in the European Union have announced the creation of a black list, composed of 17 countries considered "non-cooperative jurisdictions in fiscal matters".

The document contains a list of nations "not doing enough in the fight against tax evasion", according to French Economy Minister Bruno Le Maire. The initial figure included almost 30 territories, but was eventually reduced. They say there are 47 others which are in a "gray zone".

Efforts made by the Varela administration to modify regulations in order to avoid evasion and improve fiscal transparency do not seem to have been enough for the European authorities.

"Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: 'The adoption of the first black list of tax havens in the EU marks a key victory for transparency and fairness. But the process does not end here. We must intensify pressure in the countries included in the list so that they change their ways. Jurisdictions on the blacklist face consequences in the form of dissuasive sanctions, while those who have made commitments must follow up on them quickly and credibly."

See report by the European Union.

 

https://www.centralamericadata.com/en/article/main/Panama_on_the_Black_List_of_the_European_Union

[JohnF13]

Why would anyone be surprised by this?  While our politicians talk a good talk, it is not in their own interests to fix the problems effectively.

[BD]

4 hours ago, JohnF13 said:

Why would anyone be surprised by this?  While our politicians talk a good talk, it is not in their own interests to fix the problems effectively.

Three possibilities that I see: being in denial, uninformed, or involved in the bad deeds.

[Keith Woolford]

Bad habits are tough to break. Corruption in various forms has been the norm in many countries for so long that its ingrained in the culture.

Tax evasion and money laundering in Panama? ?

imo, Panama’s been operating as a tax haven all these years because the wealthy of the world encouraged it to do so, and pressured their own governments to turn a blind eye.

Edited December 7, 2017 by Keith Woolford

[Moderator_02]

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Tax pariah Panama introduces fresh anti-avoidance measures

Tags: Panama papers

By Will Grahame-Clarke, 5 Dec 17

EmailFacebookTwitterLinkedIn

The controversial central American jurisdiction is poised to toughen its tax fraud penalties, a year and a half after it came under worldwide scrutiny for the Panama Papers leak.

The move, reportedly approved at cabinet level, comes on the day the EU published a blacklist of non-cooperative tax jurisdictions, including Panama.

The new rules appear to allow first time offenders off without sanction if they pay the tax before the first court hearing.

According to the Latin Times, the legislation stipulates “penalties up to five years and a fine of up to 10 times the amount defrauded to any persons who, for their own benefit or for the benefit of a third party, simulates, hides, omits, falsifies or deceives tax obligations with the intention of defrauding the National Treasury”.

In addition, the bill states that tax fraud will be considered when the amount defrauded in a fiscal period is equal to or exceeds $300,000 (£223,950 €253,080).

The bill also establishes “that any person who pays the amount of the defrauded tax obligation and its formal attachments unconditionally and totally, before a judgement of first instance, will be exempted from punishment”.

“This benefit will be granted only once for each natural or legal person.”

 

https://international-adviser.com/tax-pariah-panama-introduces-fresh-anti-avoidance-measures/

[Moderator_02]

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Jail for tax fraud  considered in new bill

Posted on October 7, 2017 in Panama

 

Dulcidio De La Guardia

Post Views: 263

PANAMA’S MINISTRY  of Economy and Finance (MEF) is working on a bill that could earn jail terms for those convicted of tax fraud. But fiscal experts  warn it needs controls to avoid becoming a tool for political persecution

At the moment it is an administrative fault that does not lead to imprisonment.

Tax consultant Osvaldo Lau said that “it is necessary to strengthen the control and sanctions as far as the taxes, in general, are concerned. The problem that if the power is centralized in an official appointed by the Executive it can become a political weapon. ”

In an attempt to limit the arbitrariness of an official, in the scheme that is being considered for Panama, it could require the analysis of the Tax Administrative Court to decide if the case deserves to be sent to the Public Ministry.

Rubén Bustamante, a tax law expert, said that prosecutors, lawyers, judges and the population, have advocated the creation of a specific criminal court for cases of tax fraud.

Tax lawyer José Javier Rivera warned of the need to train professionals and recalled that “in a democracy as weak as this, without having  been  constituted as a crime, it has already been used to try to intimidate people.” Reports La Prensa.

Finance Minister, Dulcidio De La Guardia, told La Prensa that hat “there will be people who are not satisfied and will say this  is persecution. when there are obvious actions against the patrimony of the State. He said  it must be taken into account that “Panama is the only country in Latin America which does not consider tax fraud as a crime along with  money laundering.”

The minister pointed out that tax fraud would be considered an offense, if there is the intention of deliberate evasion of taxes. Debts  with the treasury cannot be punished with prison penalties of prison, according to the Constitution. The threshold has not yet been defined ,for  a minimum amount of money evaded, to  be considered an offense.

 

http://www.newsroompanama.com/news/panama/jail-tax-fraud-considered-new-bill

[Roger B]

I can deny the fact that some lawyers, banks, goverment officials, politicians and businessmen in Panama have been involved in scandals that have to do with tax evasion, money laundering and other financial crimes.  But also we can deny the fact that Panama's authorities have done drastic changes in our financial and banking system.  It is hard for a Panamanian citizen or a panamanian corporation to open a banking account today.   I opened a checking account in a panamanian bank for a little corporation I opened and.... my God.   I had an interview with the banking officer that looked like an interrogation scene from a spy movie.  They asked for a lot of papers.  I thought they would ask for the model of the underwear my grandmother used in 1950.  After giving them all the papers and documents they asked me I was giving the manual for operations.  Every wire transfer I do receive from foreign countries I should do a declaration from where it came from and what was the origin of that transaction.  So there were other procedures when dealing with deposits, wire transfers, etc.  We should give all the details of where the money is coming from and for what reason.

To make it worst.  My youngest son.  Who is still under my protection and it is studying mechanical engineering at a local university wanted to open a Saving Account and he was overwhelmed with the requisites he had been asked.  He was asked for a probe of an income.  He told the officer he was studying and living in his parent's house and he was asked for my income documents.  He was asked for a copy of receipt of payment of any utility at the house and another documents that I found to be incredible.  He desisted to open a saving account.

The law of incorporation also changed.  The stocks should be nominal and the owner of the stocks should be listed.  The stockholder's name should be listed and recorded.  So the list of changes done to please those agencies in Europe is long.   People in Panama have started to think that there are other hidden agenda for this kind of constant attacks to Panama's financial system.  In Europe there are still countries that have a banking systems that are more permissive than Panama and they are working without problems like: Andorra, Luxembourg, Lichtenstein, Monaco.  There are also some Caribbean islands under the protectorate of some european countries that are doing worst than Panama like Bahamas, Virgin Islands, Grand Cayman, etc.  The recent "Paradise Papers" or what we call "Bahamas papers"  showed that the problems there is worst and bigger. 

So this give me some kind of doubt about the real intention of the EU with Panama, specially France.  Something below the surface is the real intention.   That could be... to kill Panama's financial and banking system to promote and develop their own "banking havens" 

[Roger B]

Sorry.  Forgive my english.  It is CAN'T not CAN.   

 

14 hours ago, Roger B said:

I can't deny the fact that some lawyers, banks, goverment officials, politicians and businessmen in Panama have been involved in scandals that have to do with tax evasion, money laundering and other financial crimes.  But also we can't deny the fact that Panama's authorities have done drastic changes in our financial and banking system.  It is hard for a Panamanian citizen or a panamanian corporation to open a banking account today.   I opened a checking account in a panamanian bank for a little corporation I opened and.... my God.   I had an interview with the banking officer that looked like an interrogation scene from a spy movie.  They asked for a lot of papers.  I thought they would ask for the model of the underwear my grandmother used in 1950.  After giving them all the papers and documents they asked me I was giving the manual for operations.  Every wire transfer I do receive from foreign countries I should do a declaration from where it came from and what was the origin of that transaction.  So there were other procedures when dealing with deposits, wire transfers, etc.  We should give all the details of where the money is coming from and for what reason.

To make it worst.  My youngest son.  Who is still under my protection and it is studying mechanical engineering at a local university wanted to open a Saving Account and he was overwhelmed with the requisites he had been asked.  He was asked for a probe of an income.  He told the officer he was studying and living in his parent's house and he was asked for my income documents.  He was asked for a copy of receipt of payment of any utility at the house and another documents that I found to be incredible.  He desisted to open a saving account.

The law of incorporation also changed.  The stocks should be nominal and the owner of the stocks should be listed.  The stockholder's name should be listed and recorded.  So the list of changes done to please those agencies in Europe is long.   People in Panama have started to think that there are other hidden agenda for this kind of constant attacks to Panama's financial system.  In Europe there are still countries that have a banking systems that are more permissive than Panama and they are working without problems like: Andorra, Luxembourg, Lichtenstein, Monaco.  There are also some Caribbean islands under the protectorate of some european countries that are doing worst than Panama like Bahamas, Virgin Islands, Grand Cayman, etc.  The recent "Paradise Papers" or what we call "Bahamas papers"  showed that the problems there is worst and bigger. 

So this give me some kind of doubt about the real intention of the EU with Panama, specially France.  Something below the surface is the real intention.   That could be... to kill Panama's financial and banking system to promote and develop their own "banking havens" 

 

[Uncle Doug]

And what are the consequences of being on the EU blacklist?  Essentially nothing. 

The EU list is linked to EU funding in the context of the European Fund for Sustainable Development (EFSD), the European Fund for Strategic Investment (EFSI) and the External Lending Mandate (ELM).

Funds from these instruments cannot be channelled through entities in listed countries. Only direct investment in these countries (i.e. funding for projects on the ground) will be allowed, to preserve development and sustainability objectives.   Link

These are EU elite technocrats compiling a shame list for their own political purposes.  The "Panama Papers" made a convenient whipping boy out of Panama.  Why don't they mention Andorra, nestled between France and Spain?    Do you see South Korea or Guam quivering in fright over being on the blacklist like Panama?  Isn't it amazing that Russia is not on the list?

This is not a ban on any European country from doing business here. It's just part of those EU funds and I'm not aware that Panama is receiving them, anyway.  How much does Panama rely on Belgium for its economy?

And like Roger says, banks in Panama basically insist on a body cavity search in order to open a new account.  It's extremely difficult.  I sincerely doubt that it is more difficult to open a new bank account in any EU country than in Panama. 

Yes, Panama probably needs more strict internal financial controls.  But to be bullied by the EU for not collecting taxes for the EU is an overreach, in my opinion.

[Keith Woolford]

8 minutes ago, Uncle Doug said:

to be bullied by the EU for not collecting taxes

or the U.S. and it's Clinton list of blackballed foreign businesses

Edited December 9, 2017 by Keith Woolford

[Roger B]

Uncle Doug.

I do agree with your comments and opinion.   Clear and loud.  

 

And what are the consequences of being on the EU blacklist?  Essentially nothing. 

We hope so.  Government officials and business organizations are studying this and will be planning a retaliation strategy.

 

Why don't they mention Andorra

Interesting and we make the same question.  There are also other countries with very "soft" banking laws and are involved in more financial scandals.

 

How much does Panama rely on Belgium for its economy?

Nothing.  But because is a consensus decision that will be taken in the EU forced by France it could affect financing to Panama's funding from that continent.  But most of our financing comes from our big brother USA and some Asian countries.

In the last decade we have seen several attacks coming from a specific european country:  France.  Why? We dont know.  

[Moderator_02]

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Panama Could Exit EU Fiscal Paradise List

Posted on January 15, 2018 in Panama

Flag EU with flags of countries - members of European Union

Post Views: 86

 

PANAMA  could be removed  from a European Union (EU) list  of  countries listed as fiscal paradises, no later than January 23, some seven weeks after it was included

A Reuter’s report on Monday, January  15  quoted sources inside the European Commission as saying there were moves to get several to get several jurisdictions. including Panama, off the list.

The first meeting of the Economic Affairs Council and Financial Institutions, (ECOFIN), an  EU organization in charge of relations with third parties, is set for January 23, according to the agenda of the Council of Europe.

It would be then when the ministers of the countries that make up the EU could take the definitive decision.

Commitment
According to the sources, the sudden change of direction has to do with a commitment “signed at a high political level” by Panama “to address the problems identified by the Council in its conclusions of December 5. ”

The country was included in the list of non-cooperative jurisdictions in tax matters because the EU considered that he had a harmful tax preferential regime.

 

http://www.newsroompanama.com/business/panama-4/panama-exit-eu-fiscal-paradise-list

[Moderator_02]

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Black List: Panama Tax Pledges To Be Revealed

Posted on January 18, 2018 in Panama, Panama

Post Views: 138

 

The European Commission (EC) has called on the States of the European Union to reveal the commitments that countries such as Panama have made to escape being listed as tax havens, although they do not meet the requirements in the fight against tax evasion.

“I ask all Member States to publish the letters of commitments they have received, said Pierre Moscovici the European Commissioner for Economic Affairs said at a Thursday, Jan.18  press conference.

The community leader urged the Ministers of Economy and Finance of the Twenty-eight countries  to make the decision in the council to be held next Tuesday, which is expected to approve the take out of Panama, South Korea, United Arab Emirates, Barbados, Granada, Macao, Mongolia and Tunisia from its blacklist of tax havens barely a month after approving it.

The jurisdictions have submitted commitments to amend their tax regimes, which will allow them to move to a “gray list” in which there are already 47 others that do not meet the Community requirements on fair taxation, erosion of the tax base or transfer of benefits from a territory to another but promised to take action.

Moscovici said that the commitments presented by the eight countries are “welcome” because they show that the blacklist has made some of the countries ” quickly realize that they are interested in cooperating with the EU.”

The 28 EC countries will evaluate by the end of 2018 if the territories that have made commitments comply with them.

 

http://www.newsroompanama.com/business/panama-4/black-list-panama-tax-pledges-revealed

[Moderator_02]

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Panama exits EU tax haven black list

Posted on January 23, 2018 in Panama

 

off black list but corruption thrives

Post Views: 402

 

PANAMA has been removed  from the European Union’s  tax haven black list  that was published in December

The Ministers of Economy and Finance of the EU (Ecofin) eliminated  Panama from the list along with seven  7 other jurisdictions: South Korea, United Arab Emirates, Barbados, Grenada, Macau, Mongolia and Tunisia.

The Economy Ministers of the 28 countries of the European Union reported  that the declassification is “justified” by an “analysis of experts on the commitments assumed by these jurisdictions to address the deficiencies identified by the EU “.

They have underlined as the main motive the commitments acquired at “high political level” o solve the doubts of the community block.

Panama delivered a letter a few weeks ago with these promises to the EU, whose content has not been released .

“Our process for making the list is already proving worthwhile.”  said Bulgarian Finance Minister Vladislav Goranov,  who currently  holds the presidency of Ecofin. “Jurisdictions around the world have worked hard to make commitments to reform their fiscal policies. Our objective is  to promote good global governance.”

 

http://www.newsroompanama.com/news/panama/panama-exits-eu-tax-haven-black-list

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Panama Gets Taken Off European Union Blacklist

Government authorities reported that the country has been removed from the list of countries considered non-cooperating in tax matters, after it was included in December 2017.

Friday, December 9, 2011

In a statement published by the Ministry of Foreign Affairs of Panama, it is stated that " ... the Council of Economic and Financial Affairs of the European Union, known as ECOFIN, decided to exclude Panama from the list of non-cooperative countries in tax matters, in which our country was included on December 5, 2017."

Authorities highlight that " ...Panama has been executing a road map, approved within the framework of the High Level Commission for International Financial Services (CANSIF), in which the private sector participates, and whose objective is to ensure the country's competitiveness and compliance with the highest global standards in fiscal and financial matters."

See full press release (in Spanish).

 

https://www.centralamericadata.com/en/article/main/Panama_Gets_Taken_Off_European_Union_Blacklist