Panama rejects its inclusion in the discriminatory list of the European Union and calls its Ambassador to Consultations

The Government of the Republic of Panama strongly rejects the inclusion of the country on
the list of so-called "tax havens" released this week by the European Union.
The inclusion ignores the clear progress of the country in terms of cooperation and fiscal
transparency, by irresponsibly indicating that the preferential tax regime of Panama is
"harmful" and that the country did not clearly commit to amend it or eliminate it by the end
of 2018.
The Republic of Panama has adopted international commitments in record time, and
carried out an unprecedented process to adapt its legal framework. Panama today has no
outstanding commitments regarding international standards of tax cooperation.
Panama adopted the automatic exchange mechanism consistent with Common Reporting
Standard objectives, promoted by the OECD Global Forum. In addition, the country ratified
the Convention on Mutual Administrative Assistance in Tax Matters, and has joined the
Inclusive Framework of the Project on the Erosion of Taxable Bases and the Transfer of
Benefits "(BEPS).
In addition, through the Ministry of Economy and Finance, Panama's commitment to
review the preferential tax regimes by 2018 has been clearly stated in writing to the
European Union.
These and other commitments resulted in Panama's approval of the OECD’s Global
Forum rigorous peer review process via fast-track. Many European countries participate in
the Global Forum actively. Panama’s score that reflects the concrete advances for the
modernization of the Finance system.
Given the unfortunate incorporation of the country in this discriminatory list, the Republic of
Panama has decided to call its Ambassador to the European Union, Dario Chiru, to assess
the steps to be followed moving forward.

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