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R-E-S-P-E-C-T Panama No Longer on France Blacklist

Article Summary:

Panama is no longer on the black list with France, after being rejected by the French Senate, the Assembly of France definitively ratified a treaty on December 21 with Panama to avoid double taxation.

Photo Credit: La Prensa

Original Article Text From La Prensa via Google Translate :

Assembly of France Reaffirms Panama Definitely DTT

The Assembly of France ratified today, December 21, the treaty to avoid double taxation (DTT) between the European country and Panama. As expected, on the morning of Wednesday, the Senate rejected the deal, which had been approved by the Assembly yesterday. In the afternoon the text returned from France to the Assembly (which had the last word on this) and finally ratified the TDT.

With the approval of the tax treaty that France is expected to retire to Panama from its list of tax havens in January 2012. That was the compromise that passed the authorities on several occasions the Government of Panama galas. This year, the Organization for Economic Cooperation and Development (OECD) had brought to Panama from its gray list of tax havens after Panama signed 12 treaties to avoid double taxation and exchange tax information with individual countries.

Despite losing this consideration by the OECD, senior representatives of the French Government pointed to Panama as a tax haven that did not cooperate in the fight against tax evasion. With Panama output of the French list, it is expected that the Government reconsider its decision to terminate the contract of the Panama Metro funding that had been assigned to the Compagnie Française d’Assurance pour le Commerce Extérieur (Coface) for almost 300 million of dollars.

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From La Prensa

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