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No From French Senate to Double Taxation Treaty with Panama

Article Summary:

The French Senate has rejected a proposed taxation agreement with Panama. The legislation is now being debated within the French National Assembly where the French government holds a majority. Representatives of the French government state that the Double Taxation Treaty with Panama will most likely be approved by the National Assembly, and the negative vote of the French Senate should not be considered a final decision.

Photo Credit: Gobierno de Panama

Original Article Text From Gobierno de Panama via Google Translate :

Wednesday, December 14, 2011 at 5:44 pm

In the morning Wednesday, December 14, the Government of Panama received the visit of Mr. Damien Loras, special envoy of President Nicolas Sarkozy, who confirmed the commitment of France to approve the Double Taxation Treaty with Panama in order to remove our French country from the list of countries not cooperating in the exchange of tax information.

In the afternoon has been known to the French Senate rejected this treaty, which can cause confusion.

The Panamanian Foreign Ministry reports that the French parliamentary system has two chambers: The National Assembly where the government has a majority and the Senate where the government has minority.

It is up to the National Assembly where the government has a majority, the final decision on the approval of this treaty.

The representative of the French government has indicated that it expects the Double Taxation Treaty with Panama is approved by the National Assembly on December 21, therefore, should not be the Senate’s rejection of French as a final act of France, and the Panama Government remains confident that the treaty be approved by the French National Assembly before the end of the year.

Link to Original Article:

From Gobierno de Panamá

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