You are here: Home » International » News » Others
Business Standard

Panama seeks to punish countries that blacklist it

The move could be directed at France, which put Panama back on its national blacklist of tax havens in April

AFP/PTI  |  Panama City 

.
.

The government of Panama announced a bill that would take a range of steps against countries that put it on their blacklists of "tax havens" in the wake of the revelations.

The legislation would impose tax, trade and migration measures on companies or individuals from those countries that "engage in practices that discriminate or imply damage to economic interests" of Panama, a statement said.

The move could be directed at France, which put Panama back on its national blacklist of tax havens in April following the reports, which showed how some of the world's wealthy stashed assets in offshore firms created by the Panamanian law firm

Colombia could also be targeted for keeping tariffs on Panama textile imports despite a World Trade Organization ruling calling for them to be scrapped.

Panama has vowed to improve its fight against and tax evasion, but has fallen short of regulations the Organization for Economic Cooperation and Development wants to see adopted internationally.

The bill will be put to Panama's Congress for debate and a vote.

First Published: Wed, August 03 2016. 11:22 IST
RECOMMENDED FOR YOU