Tuesday, 23 January 2018 14:45

Panama out of the EU blacklist

Panama Today/Digital magazine
www.panamatoday.com

The finance ministers of the European Union (EU) agreed to exclude eight countries from the list of tax havens, among them Panama. Newspapers of the old world said the EU reported that these jurisdictions will move to a category of “close supervision” called “gray list” where there were already 47 countries.

In an Official Statement of the Ministry of Foreign Affairs, the Panamanian government welcomed the decision of the Economic and Financial Affairs Council of the European Union (ECOFIN) to exclude Panama, “in record time”, from the list of non-cooperative countries in fiscal matter, in which it had been incorporated on January 5, 2017.

The document explains that the measure responds to the fact that the government of Panama managed, in less than two months, to “clarify those technical elements of Panamanian fiscal policy that were required.”

The Panamanian President, Juan Carlos Varela, was satisfied with ECOFIN’s decision, of which he was made aware of during his official visit to the Netherlands, it “reaffirmed the commitment of Panama to continue ensuring the highest international standards in matters of transparency and cooperation in the matter,” the statement said.

The Vice President of Panama, Isabel de Saint Malo, also took a stand on the assessment of ECOFIN, saying: “The decision we are celebrating today reaffirms the recognition by the EU that Panama fully complies with the international fiscal and financial transparency standards.”

In addition to Panama, South Korea, Tunisia, United Arab Emirates, Mongolia, Macao, Grenada and Barbados were taken out of the list.

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