Category: Panama

Time to Make Corporations Pay Taxes They’re Avoiding

Blue-ribbon corporations are deserting our country “to avoid paying taxes but expect to keep receiving the full array of benefits that being American confers, and that everyone else is paying for,” Fortune magazine reports. That’s right, Fortune wrote it; not Pravda. In a scathing article titled “Positively Un-American” by Allan… – Continue reading

Panama Achieves Tax-Haven Status, Doesn’t Want It Central American Nation Wants Off Colombia’s “Gray List”

Colombian and Panamanian finance ministers met on Wednesday to resolve a lingering tax dispute between the two nations. On Tuesday, the Colombian government included Panama in its “gray list” after the Central American nation failed to sign a tax information exchange agreement within the allotted time period. Mauricio Cárdenas and… – Continue reading

Panama denies tax-haven designation by Colombia, threatens to retaliate

Changes dateline, updates with Panama’s response) Panama on Wednesday rejected its inclusion on Colombia’s list of tax havens and said it will take retaliatory action against its neighbor. Panama has “a competitive and sound tax system, and therefore the national government categorically rejects any tax-haven designation,” the Central American nation’s… – Continue reading

Colombia declares Panama a tax haven, seeking to recoup lost revenue

Colombia on Wednesday declared Panama a tax haven for individuals and businesses as the government looks to curb tax evasion and seeks to pressure the Central American country to sign a financial information-sharing agreement. The move could push Colombian investors and businesses to pull out of Panama, since assets stored… – Continue reading

Five questions Cañete has not yet answered about his family

Miguel Arias Cañete, the Spanish Commissioner-designate for Energy and Climate Change, has left five important questions unanswered during his confirmation hearing in the European Parliament, writes Alicia Gutiérrez. Alicia Gutiérrez is a journalist at the Spanish online media infoLibre. (Translation by Avaaz. Original version here) 1. Has Cañete had any… – Continue reading

IRS Denies Treaty Benefits Despite Lack of Treaty Shopping

In Starr International Company, Inc., v. United States, the taxpayer (“Starr International Company, Inc.” or “SICO”) filed a complaint in the United States District Court for the District of Columbia seeking a tax refund from the IRS of approximately $38 million.  The refund is allegedly due to an overpayment of… – Continue reading

101 Countries Sign Up For FATCA Network

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading

The offshore world: Past, present and future?

The reputation of many jurisdictions, or so called ‘tax havens’, has been attacked by other nations, most which fail to apply the same policies that they advocate for others. Over the last two decades, International Financial Centers (IFCs) have made vast changes to their laws and their enforcement, aiming to… – Continue reading

Panama, Vietnam Conclude DTA Negotiations

July 1 — Officials from Panama and Vietnam June 26 concluded the second round of negotiations and reached an agreement on the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income, the Panama government announced June 26. The agreement was initialed by the Minister of… – Continue reading

Your Taxes: Israel to sign tax treaty with Panama

With regard to business operations, a resident of one country (e.g., Panamanian company) may be taxed in the other country (e.g., Israel) if it has a “permanent establishment” (PE) in the other country. Panama is famous for its canal, colorful history and cool offshore tax regime. To that we can… – Continue reading

Mexico, Panama Finish Free-Trade Talks

MEXICO CITY—Mexico and Panama have finished negotiating a free-trade agreement, which the two governments expect to go into effect once it is approved by their respective legislatures. The document was signed Monday by Mexican Economy Minister Ildefonso Guajardo and Panamanian Trade and Industry Minister Ricardo Quijano during a visit to… – Continue reading

US Virgin Islands Lures Businesses With Tax Breaks

The U.S. Virgin Islands is attempting to lure small businesses with substantial corporate tax breaks, in a bid to create jobs and diversify the tiny territory’s $4.2 billion economy. Democratic Gov. John de Jongh toured New York late last week with regional economic development officials, meeting companies and investors. De… – Continue reading

Documents reveal Kurchenko’s alleged tax evasion schemes

The young Ukrainian ex-billionaire Serhiy Kurchenko, now widely suspected of being a front man for overthrown President Viktor Yanukovych’s family, clearly liked offshore destinations. His companies registered in offshore zones are now accused of trading in oil products using a tax evasion scheme that cost Ukraine’s government an estimated $1… – Continue reading