Arab Today, arab today france wrong to designate panama as a tax haven
Last Updated : GMT 21:12:19
Arab Today, arab today
Arab Today, arab today

President Juan Carlos Varela:

France 'wrong' to designate Panama as a tax haven

Arab Today, arab today

Arab Today, arab today France 'wrong' to designate Panama as a tax haven

Panamanian President Juan Carlos Varela
Panama City - Arab Today

France's decision to put Panama back on its list of tax havens in the wake of the Panama Papers revelations is "wrong," Panamanian President Juan Carlos Varela said.

"I want to be very clear that the decision taken by France's government is a wrong and unnecessary step, even more so given the communication between both heads of state and the fact the world needs multilateral cooperation from all countries to tackle global problems," he told reporters.

He added that his finance minister, Dulcidio de la Guardia, would travel to Paris on Tuesday to stress that Panama was a country that was "dignified, respectful and open to dialogue," as well as one committed to greater transparency.

France's finance minister, Michel Sapin, had said his government would put Panama back on its list of "uncooperative countries" in terms of sharing tax information.

France removed Panama from the list of Uncooperative States and Territories (ETNC) in 2012 after the two countries reached a bilateral accord on fighting tax evasion.

A new ETNC designation means France would view all transactions with Panama with suspicion, presuming tax fraud unless there is evidence to the contrary.
France also urged the Organization for Economic Cooperation and Development to follow suit.

Panama's government immediately reacted by warning it could take retaliatory measures against France, including blocking French investment and withholding public tenders.

Asked about retaliating against France, Varela said he did not want to talk about that right now, that dialogue was the priority.

Varela this week has emphasized his readiness to improve information-sharing with France, and announced the creation of a commission to boost business transparency in his Central American country.

He and other officials also stress that they have implemented a series of reforms to curb the anonymity afforded companies incorporated in Panama.

Panama figured on a list of 30 tax havens last June, when the European Commission unveiled its plan to combat tax evasion by multinationals.

But in February, the inter-governmental Financial Action Task Force (FATF) removed Panama from its "gray list" of countries found lacking in the fight against money laundering and terrorism financing.

Being put back on that list, or on France's list of ETNCs, would deal a blow to Panama's financial services sector, which accounts for seven percent of gross domestic product.

The revelations in the Panama Papers, resulting from what the Panamanian law firm Mossack Fonseca blamed on a computer hack launched from abroad, revealed how the world's wealthy stashed assets in offshore companies.
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france wrong to designate panama as a tax haven Arab Today, arab today france wrong to designate panama as a tax haven

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france wrong to designate panama as a tax haven Arab Today, arab today france wrong to designate panama as a tax haven

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: حوارات وتقارير
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday