Panama Permanent Society for Exchange of Tax Information and Banking Confidentiality

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Panama Permanent Society for Exchange of Tax Information and Banking Confidentiality

In this changing political era, Panama remains the best choice for those looking for a safe haven to protect offshore assets.In a letter to the RECD following the G20 summit in London, arbitrarily listing Panama (along with Switzerland and a number of other leading offshore financial centers) as “less than black” (gray list), the trade became president Belize phone number list  Martin Torridness and Die Industries explained that his government will go so far in terms of exchanging tax information.He condemned the G20 and the RECD for “… discriminatory damage to the reputation and competitiveness of international [financial] services offered by the Republic of Panama, which is the backbone of our economy”.The Minister stipulated the following conditions under which Panama would exchange tax information:(1) The confidentiality of individuals will continue to be protected and guaranteed from illegal interference.2) No automatic information exchange.3) There will be no improper triangulation of information provided between countries.4) Any exchange of information is based on individual requests supported by specific and reasoned principles or laws.5) For each action to be implemented, a reasonable transition period must be established, which affects the international service platform offered by the Republic of Panama, because the implementation of the actions will be carried out at the same time, as similar measures are implemented in every COED country or not and Panama as a competitor considered in the provision of international services.

“”Note the emphasis in the last premise above. Panama is recognized for any limited action at the same time, as all other competitors have adopted similar measures when providing international services. It’s a long list and we doubt any other competitor will keep it. China in the form of Hong Kong and Macau is not only hinting at this intention.Some commentators have concluded that the upcoming Panama-United States free trade agreement, which has been waiting for congressional approval for some time, is being used to pressure Panama to leave. far more profitable for the American side than for the Panamanian side.Last year Panama exported US $ 377 million to the US, and 96 percent of Panamanian goods entered the  b2c phone list US duty-free based on existing trade preferences. In contrast, Panama currently applies tariffs of between 8% and 15% on most manufactured goods, with US agricultural goods tariffs being double-digit or even triple-digit.Panama also banned imports of reconstructed goods. This is a potentially lucrative market for US industrial and consumer exports, including cell phones, computers and landline equipment. We’ve read countless uninformed, misleading and selfish articles, even on supposedly knowledgeable asset protection websites, predicting Panama’s decline as an offshore financial hub. We quote one of them:

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