In the last month, the Panamanian National Assembly published Laws Nos. 5, 13 and 14 in the Official Gazette, ratifying the Double Taxation Avoidance Treaties (DTTs) and Protocols, signed with the Czech Republic, the United Arab Emirates and Israel, respectively.
The ratification of these DTTs brings Panama up to fifteen (15), and consolidates it as a tax-transparent jurisdiction before the OECD and the international tax community. The other twelve (12) DTTs ratified by Panama are signed with Mexico, Barbados, Portugal, Qatar, Luxembourg, Spain, the Netherlands, Singapore, South Korea, Italy, France and Ireland. There are three (3) additional DTTs negotiated with Belgium, Bahrain and the United Kingdom.
Panama has also ratified a Tax Information Exchange Agreement (TIEA) with the United States and has signed seven (7) more, with Denmark, Finland, Greenland, the Faroe Islands, Iceland, Norway and Sweden.
The Panamanian Government has been working tirelessly to comply with international tax regulations, create new bilateral relationships, and strengthen its existing ones through the negotiation, execution and ratification of DTTs and TIEAs worldwide.