Panama one of 11 'irreducible' tax havens

What the OECD lays down

(ANSA) - Rome, April 5 - Pure tax havens, zero taxes and zero transparency - Panama is one of 11 "irreducible" countries that don't accept the international rules that almost 100 countries have signed up for to combat tax evasion and avoidance.
    Panama has been a tax haven par excellence since 1932 and with over 1,200 banks it is one of the world's major financial centres. Its companies are tax-exempt and they only have to pay a single yearly tax.
    Accordding to the OECD, the new global standard promoted by the G20 in its Global Forum is called the Common Reporting Standard (CRS) against evasion and avoidance, signed by 96 countries.
    According to the Global Forum the countries wholly opposed to introducing transparency and common rules against evasion are 11: Brunei, the Marshall Islands, the Dominican Republic, Micronesia, Guatemala, Lebanon, Liberia, Panama, Nauru, Switzerland, Trinidad and Tobago and Vanuatu.
    Opening a foreign account is a legal transaction according to Italian and European law, provided the necessary tax declarations are made in the home country - in Italy's case for accounts up to and above 15,000 euros.
   

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