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

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Law Firm

by:Gabriel Aguilar/lawyer

gabriel.aguilar@laglex.com

The firm provides advisory services for the establishment and operation of all types of companies and provides services to its organization and administration.
Incorporate and administration of legal entities (corporations) for development of commercial, industrial, protection of family assets, agricultural or services in Panama as well as offshore corporations for investment and foreign trade activities and the development of operations from the free zones.
LAG also provides and manages Panamanian Private Interest Foundations, as well as corporations from other jurisdictions through our correspondent firms or affiliated companies structures several years abroad, such as Belize, and other jurisdictions in the Caribbean area.

Our services include;
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The Original Articles of Incorporation (English), Deed of Articles of Incorporation in Spanish duly registered with the Public Registry,
The Resident Agent for the first year,
 Head office for the first year, Optional Nominee Directors for the first year, the Franchise Tax Annual License for the first year, Three Actions (Foundations have shares) Resignations (2) Subscription Rights Party (by which subscribers renounce their legal rights to one part each).
We require a copy of your passport and two letters of reference from a bank, your lawyer or CPA.
As soon as we receive all documents, incorporate 2-4 business days.
Besides incorporating a BVI, Belize, Costa Rica and other jurisdictions.
We manage to act as Trustees, Directors, Founders, Administrators, and on behalf of shareholders.
• Implementation of periodic activities required by the law (Assemblies of Shareholders Meetings, records, taxes or government fees, etc.)..
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• Issuance and management of documents necessary for the operation of corporations
• Re-Invoicing Services
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For participants in the process of opening a personal bank account in Panama, the banks request us two original letters of reference of two banks with the bank statement of the accounts and tax return / Financial Statements.
Members of our law firm of Lombardi Aguilar Group - LAG have more than a decade working with major law firms in Panama in the formation of corporations and other vehicles used by investors in Europe, Asia and North America in procurement, planning status, values, intellectual property and other business objectives. We are in a position to provide your company and your customers:
- Recruitment and training of IBCS in five days in Panama, British Virgin Islands, Belize and other low tax jurisdictions;
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A TRUST OR FOUNDATION

TRUST VS FOUNDATION

Por Gabriel Aguilar
gabriel.aguilar@laglex.com

 Historically a trust as a structure has been mainly used in common-law countries and still not always understood and appreciated by representatives of civil-law countries. They prefer to use foundations for different purposes as an alternative to Trust. The main difference between these structures is in the right to control them. A Trust must be fully controlled and managed by a trustee form the best interests of the Trust beneficiaries; once the assets are transferred to a Trust, a settlor no longer has any control over them. Every Foundation, in turn, has a Protector, who is generally a person connected to a Foundation founder (settlor) and therefore may have a certain influence on the development process and management of a Foundation. Moreover, a Foundation is allowed to have a bank account, in contrast to a Trust, where a trustee fully operates the capital. A Foundation is a separated legal entity and generally names a beneficiary for a socially responsible purpose, such as a charitable organization. Its owner its not registered in any public registries for the simple reason that a Foundation does not have an owner. Once such a Foundation owns shares of a particular company, such a corporate entity, becomes fully confidential as well. Foundations are effective structures for inheritance and holistic tax optimization purpose. Therefore, a Foundation when properly structured and incorporated in the appropriate jurisdiction for any special need and objectives can provide you the benefits of a commercial company, not-non-profit organization and trust. It will ensure confidentiality as well as effective assets protection and management opportunities.

Ask for Further information: 

http://panamalowtax.blogspot.com/

twitter - @panamalowtax

U.S. Exporters Open Latin America Regional Office in Panama

U.S. Exporters Open Latin America Regional Office in Panama

Photos: Above: Gabriel Aguilar, Panama Canal Administrator Alberto Aleman Z., Ambassador Barbara Stephenson, USGC Regional Director Kurt Shultz, Jorge Lombardi. Aguilar and Lombardi are members of Lombardi Aguilar Group www.laglex.com, legal counsel for the Panama office. Below: USGC Board members during ribbon-cuttting ceremony at Ocean Business Plaza.

U.S. Grains Council Opens Latin America and Caribbean Regional Offic

U.S. Grains Council Chairman Rick Fruth announced the official opening of the Council's newest international office in Panama City, Panama. The USGC Latin America and Caribbean Region office represents a key presence in the region as the Council continues its work of Developing Markets, Enabling Trade and Improving Lives.

"The failure of the United States to ratify pending free trade agreements in the area has caused a significant loss in grain business and trade. It also has had a consequential effect on the economic development of our friends and allies in the Latin American region," said Fruth. "By establishing an office in Latin America and the Caribbean region, the Council is strategically positioning itself to defend U.S. markets while simultaneously enhancing the quality of life of our trading partners."

Kurt Shultz was named the first director of the Panama City office. Shultz has worked for the Council since 1999 and previously served for seven years as USGC regional director for the Mediterranean and Africa before transitioning to his current post.

See full text in http://www.grains.org/news-events/2266-us-grains-council-opens-latin-america-and-caribbean-regional-office -

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La embajada estadounidense presidida por Barbara Stephenson, realizó un coctel de bienvenida a miembros del Consejo de granos de Estados Unidos

En el Hotel Marriott se organizó un elegante coctel con motivo de la visita de miembros de los miembros del Consejo de granos estadounidenses, los cuales establecerán una oficina regional para América Latina y el Caribe en Panamá, con la finalidad de afianzar el comercio entre las Américas. "La posición geográfica clave y punto de comercio internacional hace de Panamá un lugar muy atractivo para abrir esta oficina regional y hacer negocios", dijo el dirigente empresarial Rick Fruth. "Uno de los propósitos de nuestra organización es lograr un acercamiento entre Estados Unidos, Latinoamérica y el Caribe, para mejorar y profundizar el comercio de granos", expresó.

http://www.laestrella.com.pa/mensual/2010/03/18/contenido/214801.asp

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Consejo de Granos de los Estados Unidos abrió una oficina regional en Panamá

El Consejo de Granos de los Estados Unidos abrió una oficina regional en Panamá para cubrir sus actividades en Latinoamérica y el Caribe y por tal motivo, en conjunto con nuestra Embajadora ofreció una recepción para sus colaboradores y contactos en el área gubernamental y privada.

El Consejo de Granos de los Estados Unidos representa a productores y comercializadores de cebada, maíz, y sorgo de su país que exportan hacia el resto del mundo y en conjunto con el Departamento de Agricultura de los Estados Unidos contribuye al desarrollo económico mundial y a la rentabilidad de la agricultura.

La Exportación de Granos representa el 17% del total de carga transportada por el Canal de Panamá y de ese porcentaje, un 90% son granos originarios de los Estados Unidos.

http://spanish.panama.usembassy.gov/fas.html