It is becoming clear that Panama will cave into the demands made by the OECD in order to get off of their "Tax Haven Grey List". Any pretense of putting up a fight has been put aside as the ministry of finance has announced it will comply with their demands. Panama had tried to appease their masters by signing a flurry of double taxation treaties with countries around the world, but it is not enough to satify these self declared rullers of the financial system. You can be sure that Panama's much needed loans for the many planned infrastructure projects is a driving factor in their decision. No compliance and you get no money!
The world economy is putting a greater strain on world governments to find more money to keep their fraudulent system of fiat currency going and they believe much is being hidden by foreigners in Panama Corporations with bank accounts around the world. The fact is that "they" want to know who has what and where it is in order to either levy taxes on it or just take it at a later date IMO.
Translated from La Prensa
The country is making changes to its legislation in order to catch up on the recommendations that the agency made him in a recent evaluation.
Edith Castillo Duarte
[email protected]
Panama has done and continues to make adjustments to its domestic legislation to allow access to tax information exchange in accordance with the Treaties to avoid double taxation (DTT), but now it is necessary to improve these efforts, because made are not sufficient to reflect fully the complexities of international cooperation in tax matters.
This is one of the comments that the Organization for Economic Cooperation and Development (OECD) makes in the final report on the steps being taken by Panama to leave the "gray list", which is labeled as "tax haven".
The reluctance to sign agreements Tax Information Exchange (TIEA, for its acronym in English), and opt for the TDT as an information exchange mechanism, is one of the "significant problems", including four points, which for OECD facing Panama on transparency to the exchange of information.
"More changes in legislation are necessary to ensure that information is available and accessible to the Panamanian authorities," the report said.
At this point, the OECD refers to the availability of information on corporations, bearer shares and income from investments generated whether or not in this country.
The document warns that the review was based on information until May 2010, also refers to new information provided by the Government in September this year for all actions you take, so go to welcome advice from OECD (see table).
The Minister of Economy and Finance, Alberto Vallarino, reported that taking these latest tips, legislation was amended to allow the Internal Revenue Service (DGI) seek information from any person in Panama, including banks, even when there is no tax interest home, and exchange such information with tax authorities of other countries which have concluded a tax treaty with Panama (Law 33 of 2010).
It has created as part of the DGI, the International Taxation Unit and another Unit Information Exchange, for a manage everything related to this matter.
Shortly be submitting a draft law that strengthens the obligation of the Company and Resident Managers Private Foundation to implement the policy of "know your customer", which forces them to rely on information from his client and the identity of owners of such vehicles, including cases where bearer shares are issued.
Following the publication of the report on 4 October, has generated a controversy of a group of specialists in this field, which argues that the OECD is requiring the firm to stop TIEA consider the country a "tax haven" and Others say that this "is not a sine qua non".
Some of the sources agree that the OECD what you want is to force Panama to sign TIEA, several countries have accepted, but that they have no relevance in the international financial services.
Vallarino TDT warns that go beyond a TIEA, as well as the exchange of information, also include provisions to avoid double taxation, "objective we seek to make our country more competitive for foreign investment without making great sacrifices tax" .
As the document stands, Panamanian authorities hope that the Review Panel of the OECD Global Forum made an additional assessment in the first quarter of 2011, but reports that Panama's position will be reviewed when submitting a detailed report and that will be within a year.
The group recommended that Panama does not pass the second stage of review (in the second half of 2012) until executed or acted on the recommendations contained in the report of the first phase (September 2010) to improve its regulatory framework and legal.
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