Modification of Registration Act 2011 in Anguilla- New Fee

The Government of Anguilla approved an amendment to the Act
Register on October 17, 2011, which introduces an annual fee called
"Anguilla Government Finance Office Fee" the amount of $ 30.00 which will be used
for the international marketing of the jurisdiction.
Currently the annual license from the Government of Anguilla is $ 200.

The Government of Anguilla has had four periods of
Annual license renewal indicating that each company must pay its
annuity before the end of each quarter.

Panama's Banking Center Reports Nearly 12% growth in assets

 

 

gabriel.aguilar@laglex.com

The International Banking Center of Panama in October 2011 recall of growth in assets 11.96%, Reaching 79 525 million dollars, Compared To The Same month last year, reports the Superintendency of Banks of Panama (SBP). The International Banking Center of Panama in October 2011 registered a growth of the assets of 11.96% to 79.525 million dollars, compared to the same month last year, the Superintendency of Banks of Panama (SBP).
According To report a PBS executive Distributed by email, the Annual Increase 8498 inassets million dollars is more Than in October 2010. According to a report distributed by PBS executive email inassets the annual increase is $ 8,498,000 more than in October 2010.
The cumulative Net Income to October 2011 amount to 1.078 million dollars, 163 million Compared to the previous more year, I adds. The cumulative net income to October 2011 amounted to 1,078 million dollars, 163 million more compared to last year, he adds.
He Explained That this is possible "by Higher Revenues, concentrate in interest onloans (11.9%) Dividends paid on shares of banks in companies (51.1%) and other Income (28.0%)." He explained that this is possible "by the higher income, interest focused on onloans (11.9%), dividends paid in shares of banks in companies (51.1%) and other income (28.0%). "
The Usefulness of This Period have generated a ROAA of 1.78% and ROE of 15.1% margin is With An interest at 2.5%. The usefulness of this period has generated a ROAA of 1.78% and ROE of 15.1% with a range of interest is 2.5%.
"Efficiency Levels Have Remained Stable, Which Strengthened the return onassets you," I says. "Efficiency levels have remained stable, which has strengthened the onassets back," he says.
Also found better results in local loans, amounting to 27,973 million dollars, 16.7% of agrowth over the Same Period in 2010. They also found better results in local loans, amounting to 27.973 million dollars, agrowth 16.7% over the same period in 2010.
"Compared to December (2010) Recorded an Increase of 14.9%," I says. "Compared with December (2010) recorded an increase of 14.9%," he says.
The Banking Center Provides an indicator of nonperforming loans to total loans of 0.8%, Slightly Lower Than That Obtained in December 2010, Located at 0.9%, the report said. The Banking Center is an indicator of non-performing loans over total loans of 0.8%, slightly lower than that obtained in December 2010, stood at 0.9%, according to the report.
The loan portfolio accounts for 63.0% of total assets, 60.7% Higher Than That Heldin October 2010. The loan portfolio represents 63.0% of total assets, 60.7% higher than October 2010 Heldin.
"This is possible as a result of Further optimization of resources and meet the demand for credit in the square," I says. "This is possible as a result of further optimization of resources and meet the demand for credit in the square," he says.
The SBP notes Investments That Represent 18.1% and 15.0% cash assets. PAS notes that investment represents 18.1% and 15.0% of assets in cash.

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

Notas relacionadas:

• Francia insiste: Panamá es un Estado no...

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

                                   LOMBARDI AGUILAR GROUP

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;
• Constitution and Administration of Private Foundations and Corporations (highly recommended Lombardi Aguilar Group Assets Protection Structures -LAGAPSSM- ) under the laws of the Republic of Panama, complying with legal requirements, the clients receive the followings documents:
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.)..
• Advice and assistance on changes in the capital, reforms of statutes, changes in boards of directors, mergers, dissolutions, etc..
• Issuance and management of documents necessary for the operation of corporations
• Re-Invoicing Services
• Opening bank account
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;
 -Addition of Trust, and Training and Administration of Private Interest Foundation in Panama in competitive rates
 - Private Client Services for individuals who use international banking services in Panama
 -Registration of all types of Ships 
 -Registration of Patents, Trademark Registration, and  Intellectual Property in Panama.