Panama Aims For OECD White List

Harriet Davies 20 August 2010

Panama Aims For OECD White List

Panama is seeking to get itself removed from the Organisation for Economic Co-operation Development’s so-called “grey list” by negotiating tax agreements with South Korea and Singapore, according to local media sources citing comments from Panamanian Vice President Frank De Lima.

The Panamanian negotiation team departed for South Korea on 13 August, from where it was due to head to Singapore, according to reports.

If the Panamanian government signs these two agreements it will bring the number of OECD-compliant tax agreements it has in place to 12 – the minimum number to get onto the OECD’s list of jurisdictions deemed to have “substantially implemented the international tax standard.”

It is also reported that Panama is in negotiations for similar agreements with Ireland, the Czech Republic, Canada, Bulgaria, Hungary, Britain, Cyprus, Germany and Switzerland.

As at 10 August 2010, the jurisdictions appearing on the OECD’s tax haven list were Belize, Cook Islands, Liberia, Marshall Islands, Montserrat, Nauru, Niue, Panama and Vanuatu.

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