Europe removes Panama from its 'gray list'

The European Union has removed Panama from the "gray" list of non-cooperative jurisdictions in fiscal matters, and the bloc has ratified that country Panama complies with global standards of fiscal transparency and equity.

Welcoming the decision, the Ministry of Foreign Affairs said that the EU "included Panama in December 2017 in this discriminatory list, due to the lack of understanding of the country's tax regimes."

After technical and diplomatic efforts, in January 2018 the EU removed from Panama from this classification to an observation list "that recognized that the country was dedicated to complete the necessary legislative reforms to adapt the preferential regimes considered as harmful," said the Ministry, Newsroom Panama reports.