Roche & Cie

Panama will reintergrate the blacklist of tax havens

07 Apr 2016

Following the revelations of the International Consortium of Investigative Journalists on “Panama Papers”, the government said it planned to reinstate Panama on the list of states and territories uncooperative in tax matters.

France had struck the country from its blacklist on  January 1, 2012, following the signing of an agreement with the Panamanian authorities on the fight against tax evasion pursuant to Article 238-0 A of the CGI resulting from section 22-IA of the budget Act for 2009. It was under this law that order of the Ministers of economy and budget would occur from 2010 and every 1 January and give reasons for the removal or addition of new states or territories. (Eg. Conclusion of an administrative assistance clause, negotiating proposal an administrative assistance clause without result).

The Act of 29 December 2011 authorized the approval of the agreement between the Government of the French Republic and the Government of the Republic of Panama for the avoidance of double taxation and prevent fiscal evasion and fraud with respect ‘income taxes.

Following the revelations, Le Monde, in partnership with 108 foreign media and the International Consortium of Investigative Journalists (ICIJ), Christian Eckert and Michel Sapin has since Sunday and several times recently in the show “Cash Investigation” aired Tuesday evening announced that France was considering asking to re-Panama in the list of States and non-cooperative jurisdictions (ETNC) in tax matters.

“We are surprised that countries like France have put us on the list, despite agreements to share information on economic issues [and] trade”, “said Deputy Foreign Minister of Panama Luis Miguel Hincapie during a press conference.

The Panamanian government announced that it planned economic retaliation against France, after the decision of Paris to re enter Panama on the list of non-cooperative countries in tax matters.