The European Union (EU) prepares to evaluate this Friday, October 9 the possible exclusion of Panama from its list of non-cooperative jurisdictions for tax purposes (tax havens)during the meeting of finance ministers of the community bloc to be held in Luxembourg.
If the measure anticipated by diplomatic sources is carried out, the country would completely leave the sanctions list after complying with the regulatory commitments acquired. On the same day, the EU would relocate other jurisdictions under analysis, such as Vietnamwhich would become the so-called “gray list” observational.
Panama’s eventual withdrawal responds to the implementation of recent legal adjustments in national legislation. Among the fundamental reforms, the approval of the law of economic substancea regulatory framework designed to increase tax transparency and stop the operations of companies without real presence or activity in the country.
A favorable resolution in Luxembourg would consolidate the strategy of the Panamanian State to clean up the reputation of its financial and commercial center. This step would complement the achievement reached last year, when the community bloc excluded Panama from its list of high-risk third countries due to deficiencies in the prevention of money laundering.
The list of non-cooperative jurisdictions in the European Union is updated twice a year and serves as an instrument to sanction global tax evasion. Currently, the registry maintains jurisdictions such as Russia, Vanuatu, Guam, Samoa and the US Virgin Islands under non-cooperative classification.
The official decision of EU Council of Finance Ministers It will be known at the close of the session this Friday, a decisive result for international banking operations and the attraction of investments to the country.
