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Panama Labels Ecuador as a Tax Haven in Retaliatory Measure

Article Summary:

The government of Panama has included Ecuador on its list of tax havens as a retaliatory measure (discriminatory treatment), after the South American country labeled Panama as a tax haven.

Original Article Text From Panama America via Google Translate :

Panama to Ecuador Includes Retaliation List

The government of Panama to Ecuador included in the list of countries that will apply retaliatory measures (discriminatory treatment), after the South American country of Panama cataloged as a tax haven, which affects the country’s economic picture.

The measure is set in the Official Gazette N.27013, according to resolution No. 38 of April 2 this year, and is applied based on Law 58 of December 12, 2002, by which to retaliate as a mechanism to deal with restrictions and / or discriminatory measures applied by third countries against the Republic of Panama.

The resolution is signed by the Ministers of Economy and Finance, Frank de Lima, Minister of Trade and Industry, Ricardo Quijano, and the Foreign Minister, Roberto Henriquez.

For Dominic Latorraca, president of the Chamber of Commerce, Industry and Agriculture of Panama (CCIAP), the application of the law of retaliation to those countries that discriminate on the Isthmus of Panama was one of the rules that complement the rest of the actions are taking to promote international service platform in the country.

Ecuador and other Latin American and Caribbean Panama discriminate, but our country has every right to retaliate to counter discrimination initiated by these countries.

The rest of Latin American economies now discriminate the Isthmus, such as Argentina, should note that Panama will apply the same treatment as Latorraca.

For the Minister of Trade and Industry, Ricardo Quijano, not the government’s interest to apply retaliatory measure, what is sought is that countries try to manage your things according to international organizations and each meets the agreements have signed an international level to avoid reaching those terms.

“When we have countries like Panama, which France has officially taken a gray list, and has signed 14 double taxation treaties, I really see no reason to keep a list,” said Quijano.

Link to Original Article:

From Panama America

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