Panama asks review of OECD Not satisfactory rating

PANAMA  received a ‘not satisfactory’ rating by the Global Forum of the Organization and Economic Development (OECD) in the period between July 2012 and June 2015 because during this stage the necessary legislative changes were not  effective, says the Foreign Ministry of Panama.

Panama, has  requested a new review called “fast track” (fast track), which will allow its evaluation in the short term, taking into account the current legislation and the renewed State policy to meet international standards of transparency and tax cooperation, which came into effect from 2015, said Pascal Saint-Amans, director of the Center for tax Policy and Administration of the OECD.

Publio Cortés, Director General of the Directorate General of Revenue (DGI), who represented Panama at the Global Forum meeting in Tbilisi, said that the rating made public reflects a technical perspective of the past situation of the country and will have to wait until mid-2017 so that the rating reflects the high level of compliance of Panama with international expectations.