Wednesday, 28 October 2020

Guatemala Out, Panama Continues On France’s Grey List

The government of France reported that it removed Guatemala from the list of countries that do not cooperate with the exchange of tax information, but kept Panama.

French authorities said that Guatemala was removed from the list because it ratified the convention on mutual administrative assistance in tax matters of the Council of Europe and the Organization for Economic Cooperation and Development (OECD).

The French Economy Ministry’s statement dated 7 January 2020 explains that “… despite the dialogue established, the state of fiscal cooperation with Panama has not allowed enough progress to justify a withdrawal from the French list.”

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Panamaamerica.com.pa reviews that despite the fact that at the end of 2019 “… Panama and France signed a declaration of intent regarding the creation of a working group on cooperation in fiscal and financial transparency with the aim of seeking mechanisms to exclude the Republic of Panama from the French list of non-cooperative countries in tax matters”, efforts were not enough.

Samuel Moreno, president of the Panamanian Association of Economists, said that “… We are very surprised that France maintains a position, when the French have been involved in many situations related to other countries, while Panama, a small country, which has made many adjustments, such as legislation, in which evasion constitutes a crime, modifications in banking and insurance and securities issues and even a new Superintendence of Non-Financial Subjects, has not been recognized for its efforts.”

Source: Panamaamerica.com.pa

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