Panama re-speaks transparency commitment
PANAMA IS COMMITTED to meet standards demanded by the Organization for Economic Cooperation and Development (OECD) by 2018.
That includes meeting commitments on tax cooperation and financial transparency.
The statement was made in Brussels on Friday, July 9 by Vice Minister of Economy and Finance Eyda Varela de Chinchilla and Deputy Foreign Minister Luis Miguel Hincapié.
“We have made it known to the OECD that there are changes that will take time, but we hope to be ready for 2018,” the officials said from Belgium after a meeting with Belgian Minister of Finance Johan Van Overtveldt.
Belgium and Panama agreed to begin negotiating an agreement on the automatic exchange of tax information that will be launched “as soon as possible.”
Varela de Chinchilla pointed out that, so far, Panama has signed 25 such treaties and explained that there are another 20 being negotiated.
The team from Panama also had a working breakfast with the permanent representatives of the 28 member states of the European Union. At the meeting, Panama made its case that it does not deserve to belong on a list of tax havens compiled by the group.
They said that the decision to include Panama on the list is one driven by politics rathe than by facts.
