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Panama asks Dominican Republic to not list it as tax haven

Panama.- Panama on Monday asked the Dominican Republic to remove it from the latter´s list of tax havens and to start considering a “cooperative jurisdiction in tax matters,” EFE reports.

Panama vice president and Foreign minister Isabel Saint Malo made the request to Dominican counterpart Miguel Vargas, who’s on an official visit in Panama City, the Foreign Ministry said in a statement.

On the list compiled by Dominican Republic´s Finance Ministry and which can be accessed at the Internal Taxes website figure tax-haven countries or low-tax jurisdictions such as Andorra, Bahamas, Gibraltar, Ireland, Liberia and Costa Rica, among others.

Vargas “acknowledged” Panama´s progress and modern financial system and “promised to lay the groundwork” to delete the country from the list, says a statement from Panama´s Foreign Ministry.

The Panama Papers released in April spurred widespread critique of the Central American country although legislation passed in recent years have modernized and made its finances more transparent.

At least 11.5 million documents were leaked from the database of Panama law firm Mossack Fonseca which revealed that world celebrities hired its services to create offshores in various tax havens. The scandal prompted France to again place the country in its list of tax havens.

In that regard Panama passed a law in September establishing various measures to respond to cases of foreign discriminatory restrictions.

Source: DT

Nov 3, 2016

Category: DR News |

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Last updated March 25, 2017 at 5:40 PM
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