Panama and Canada Come to an Agreement on Fiscal Cooperation

canadasPanama and Canada Come to an Agreement on Fiscal Cooperation

The governments of Panama and Canada have underwritten an Agreement for Fiscal Cooperation and the Exchange of Information in Tax Matters, in the framework of the 54th Annual Assembly of the Inter-American Development Bank (IDB).
The agreement was signed by Panama’s Secretary of State, Fernando Nuñez Fabrega, and the Canadian Minister of Foreign Relations for the Americas and Consular Affairs, Diane Abloncky, during a ceremony that took place in the Atlapa Convention Center Atlapa, in the Panamanian capitol.
The Secretary of State Nuñez Fabrega explained that the bilateral instrument that established a channel for the exchange of information between the two governments was the key for achieving the objective of preventing fraud and tax evasion. “Furthermore, it reaffirms Panama’s commitment in favor of transparency in financial matters, international cooperation in fiscal matters and the intention of contributing to the reinforcement of an International Bank Center that will also be the most important in the region, as well as the safest, healthiest and powerful,” the Secretary of State concluded.
Meanwhile, the Canadian minister underlined Panama’s economic growth, which has allowed it to attract more foreign investment and become a leader in this area of Latin America. According to Abloncky, the new agreement will increase Canadian investment and the links between the two countries.
Panama has signed agreements with a dozen nations for either the exchange of information or to avoid double taxation