Colombia adds Panama to tax haven list

Last Tuesday the Government of Panama rejected the decision of the Colombian government of declaring the Central American country as a “tax haven” and announced that it currently works to “implement applicable measures” against its southern neighbor discrimination.

Panama has “a solid and competitive tax system, therefore, the Government categorically rejects any designation of a tax haven,” said a statement from the Panamanian Foreign Ministry.

“Ministries of Finance, Trade and Industry and of Foreign Affairs, work in coordination to implement the measures applicable to countries that discriminate against Panama,” adds the official note.

Colombia justifies its accusation stating that Panama did not sign the agreement to exchange tax information, on schedule.