Panama, Qatar sign agreement to avoid double taxation

13:42, May 13, 2010      

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The governments of Panama and Qatar signed on Wednesday a Double Taxation Agreement to facilitate the exchange of financial information and avoid double taxation between the two countries, official sources said.

The Panamanian Economy and Finance Ministry quoted on Wednesday its Vice Minister Frank de Lima, who is in Qatar, as saying the agreement improves the business climate in Panama.

Lima said the new agreement and other similar commitments will make the country more attractive to foreign companies.

He said Panama has on its agenda rounds of negotiations in May about the same issue with France and Luxembourg, in order to remove the country from the list of non-cooperating countries on tax issues, which was published by the Organization for Economic Cooperation and Development (OECD).

Singapore has expressed its appreciation to Panama for its positive stance in negotiating the tax agreement, and their negotiations will start soon, Lima added.

South Korea, India, Japan, Switzerland, Israel and Britain are also among the countries invited by Panama to negotiate the tax issue.

Panama, under the administration of current President Ricardo Martinelli, has signed similar tax agreements with Belgium, Italy, Holland, Barbados, Spain and Mexico.



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