France Approves Double Taxation Agreement With Panama

France approves double taxation agreement with Panama
The French government approved a bill to formalize the double taxation agreement with Panama.
Wednesday November 30, 2011

inShare.0 The French government statement issued after the Council of Ministers says, "The French government today approved the bill to formalize the agreement on double taxation with Panama, whose final adoption should be allowed to leave the Central American country from the list French tax havens. "

"... The bilateral agreement will prevent double taxation and" better combat tax evasion and fraud between the two countries. "

... the lens with the most efficient control is twofold, the first 'increase the potential for cross-investments between France and Panama' through 'a legal framework that seeks to eliminate the sources of legal uncertainty for individuals and corporations operating in the two territories '. The second is a legal framework 'that enables an effective exchange of information, particularly with the lifting of bank secrecy possible.' ", Reported Prensa.com

Source: Prensa.com

 

 

France acknowledges Panama's efforts says french ambassador

José González Pinilla

De La Prensa

jagonzalez@prensa.com

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The French Ambassador in Panama, Hugues Goisbault said this Thursday Nov. 24 his country acknowledges what Panama has done regarding tax transparency.
“Panama is the most important country in Central America for us. President Ricardo Martinelli is the only one from Central America president Sarkozy has received”, said Goisbault.
His statements are given after the French minister of Budget and Public Accounts, Valérie Pécresse, mentioned Panama as an example of a non cooperative government regarding tax issues, despite Martinelli’s meeting with Sarkozy last week.
Martinelli traveled to London and Paris in order to show Panama is not a tax haven. He also agreed with the French government the ratification of the double taxation treaty.

Switzerland and Bulgaria

Switzerland and Bulgaria initial revised double taxation agreement

Bern, 28.11.2011 - On 23 November 2011 in Bern, Switzerland and Bulgaria signed a double taxation agreement (DTA) in the area of taxes on income and capital. The DTA will contribute to the further positive development of bilateral economic relations. Along with an administrative assistance clause in accordance with the internationally applicable standard, it contains various provisions that are beneficial to the Swiss economy.

The initialled text is still confidential, and the next step is for the cantons and business associations concerned to submit their views. The Federal Council will then decide on whether to authorise the signature, after which the agreement will be published. The agreement can be ratified and enter into force once the approval process has been completed in the partner state and the National Council and Council of States have given their approval

PANANA & FRANCE

The Panamanian government has suspended a contract for the Compagnie Française d'Assurance pour le Commerce Extérieur (Cofase) finance the construction of the subway.
By: AFP
The Panamanian government has suspended a contract with a French company to finance the subway in Panama in retaliation to the recent claims of a French officer in the Central American country accusing of being a tax haven, the Foreign Ministry said Sunday.
"Panama's sovereign decision to reject the services of the French company is a measure Cofase backed by Panamanian law (...) to retaliate in case of discriminatory restrictions on foreign" against Panama, said a statement from the Ministry of Foreign Affairs Panama.
The Panamanian government has suspended a contract for the Compagnie Française d'Assurance pour le Commerce Extérieur (Cofase) provide U.S. $ 297.8 million to partially finance the construction of the metro, according to the newspaper La Prensa.
The suspension of the contract would have been caused by a recent speech on tax fraud by the French Minister of Budget and Public Accounts, Valérie Pécresse, where he returned to Panama as a State mention "uncooperative" in fiscal matters.
"We had already warned would take action against repeated verbal attacks on our financial system," said the Panamanian Foreign Ministry.
Loan funds were canceled for the purchase of train, signaling equipment, closed circuit surveillance and tracks, works attributed to France's Alstom for what will be after 2013 the first subway in Central America.
At the last G20 summit French President Nicolas Sarkozy accused Panama of being a tax haven, despite having signed 12 double taxation treaties and demanded the Organization for Economic Cooperation and Development (OECD) out of his " gray list "of tax havens, which occurred in July.
Sarkozy in Paris later received his Panamanian counterpart, Ricardo Martinelli, and pledged that France "will bring to Panama" from the list of tax havens in the coming months, once to ratify the double taxation treaty with Panama signed in June.
So Pécresse statements just days after Sarkozy's meeting with Martinelli "contradict what was agreed between the two presidents," said the Panamanian Foreign Ministry.
"We are confident that when France ratified this treaty, as promised by President Sarkozy as French President Martinelli animosity against Panama on this issue go away," the statement said.
French government criticism occur despite the great interest of French companies to participate in public works administration Martinelli ahead of U.S. $ 15,000 million