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Panama and France Make Nice, Agree on Tax Treaty

Article Summary:

The French Government approved a bill to formalize the agreement on double taxation with Panama, whose final adoption should allow Panama out of the French list of tax havens.


Photo Credit: La Prensa, Panama

Original Article Text From La Prensa, Panama:

French government approves the bilateral tax treaty with Panama

PARIS, France (AFP). -The French Government today approved the bill to formalize the agreement on double taxation with Panama, whose final adoption should allow the Central American country out of the French list of tax havens.

“The conclusion of this agreement demonstrates the willingness of Panama get in line with new international standards on transparency and exchange of tax information, “said the French government in the statement issued following the Council of Ministers. He recalled that the bilateral agreement will prevent double taxation and “fight better evasion and tax fraud between the two countries. ” He added that the purpose for this is twofold more efficient control, the first “increase the potential for cross-investments between France and Panama,” thanks to “a legal framework that seeks to eliminate the sources of legal uncertainty for individuals and corporations operating in the two territories. ”

The second is a legal framework “that allows an effective exchange of information, particularly with the lifting of bank secrecy possible.” The French authorities this week reiterated their willingness to get to Panama from its list of tax havens after the agreement complete bilateral parliamentary procedure, which could occur before year end. A will that had been compromised last week when the French Minister of Budget and Public Accounts, Valérie Pécresse announced a tightening of controls against escape Panama Attorney and made an example of non-cooperative state.

In reaction to the words of Pécresse, Panama suspended a contract for the French organization of Coface export credit lend 297.8 million dollars to finance part of the Metro Line One the capital, whose trains must be manufactured by French company Alstom.

Link to Original Article:

From La Prensa, Panama via Google Translate

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