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Panama threatens new retaliation against Colombia

Tuesday, October 14, 2014

Panama is weighing retaliatory measures against Colombia if it is not taken off a list of tax havens, a designation that could deter investment in the Panama, Panama's vice president said on Monday.

The move could push Colombian investors and businesses to pull out of Panama, since assets in declared havens are taxed at three times the rate of foreign assets in countries that share data with Colombia.

Panamanian Vice President and Foreign Minister Isabel De Saint Malo said Panama would take whatever measures necessary if it was not taken off Colombia's list of tax havens.

Source: Reuters