Panama’s National Assembly has ratified two (2) new tax treaties, namely, a Double Taxation Avoidance Treaty (DTA) with the United Kingdom, and a Tax Information Exchange Agreement (TIEA) with Canada, as published October 24, 2013 in the Official Gazette.
This brings the number of DTAs, signed and ratified by Panama, to sixteen (16), of which eleven (11) are in force. With respect to TIEAs, Panama has signed nine (9), of which two (2) have been ratified, and one (1) is in effect.
The Mossack Fonseca Group is proud to have launched its United Kingdom jurisdiction, just a few days ago. In this jurisdiction, corporations or LTDs, are able to benefit from the widest tax treaty network in the world, of which Panama has just become a member, and which promises significant advantages in terms of tax planning for these vehicles.