Finance

Panama looks to talks with France to acquire off tax haven list

Panama looks to talks with France to acquire off tax haven list July 20, 2018Leave a comment
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PANAMA CITY (Panama): Panama said Tuesday it can hold talks with France during the future, after Paris confirmed the Central American country was back on its blacklist of tax havens due to Panama Papers leak.

The discussions would highlight progress Panama renders in boosting transparency and cooperation in tax matters, Panama’s foreign ministry said within a statement.

France’s economy ministry confirmed it was subsequently executing a trade with an April decree putting Panama back on its blacklist adopting the Panama Papers revelations. The region had previously been removed from the listing this year.

The disclosures, which originated in a massive data leak at a Panamanian law firm, showed what number of the world’s wealthy stashed assets in offshore companies resistant to tax scrutiny.

Panama’s president, Juan Carlos Varela, in November warned France of reprisals if his country was maintained about the blacklist.

He had vowed to announce the “diplomatic measures” in their New Year’s speech on Monday, but did not stick to his promise.

Panama insists a series of bilateral tax agreements it offers struck plus an inquiry by international experts into its financial services sector show how serious it was actually in cleansing its past image as being a hotspot for shady financial dealings.

But French officials are usually not convinced. They need standards that include automatic, multilateral sharing of tax information plus much more details in offshore company registers that name which everyone is their true beneficiaries.

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