PANAMA PREPARES FOR NEW ASSESSMENT OF OECD

Panama City, August 27 (PL)- Panama braces to face a reassessment of the Organization for Economic Cooperation and Development (OECD) on fiscal transparency regime corporations and bearer shares.

The Minister of Economy and Finance (MEF), Frank De Lima, said they have been holding meetings for this purpose.

Panama is already out of the OECD blacklist of countries considered tax havens, but must meet the requirements for a Phase II implementation related legal and regulatory framework for the exchange of information.

In this regard one of the pending issues is the regime of corporations and bearer shares that applies the nation, which is monitored by the OECD Global Forum on tax transparency.

De Lima said the MEF is working on a bill to immobilize bearer shares, through a system of custody.

Last Tuesday, the Chamber of Commerce held a forum in which they discussed the steps the country must take to meet the OECD requirements.

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