{"id":1433,"date":"2011-04-13T15:30:55","date_gmt":"2011-04-13T19:30:55","guid":{"rendered":"https:\/\/www.citizenstrade.org\/ctc\/?p=1433"},"modified":"2011-05-18T17:18:09","modified_gmt":"2011-05-18T21:18:09","slug":"the-panama-free-trade-agreement-is-a-gift-to-tax-dodgers","status":"publish","type":"post","link":"https:\/\/www.citizenstrade.org\/ctc\/blog\/2011\/04\/13\/the-panama-free-trade-agreement-is-a-gift-to-tax-dodgers\/","title":{"rendered":"The Panama Free Trade Agreement Is a Gift to Tax Dodgers"},"content":{"rendered":"<p><a href=\"https:\/\/www.citizenstrade.org\/ctc\/wp-content\/uploads\/2011\/04\/BillMagorian.jpg\"><img loading=\"lazy\" class=\"alignleft size-thumbnail wp-image-1437\" title=\"BillMagorian\" src=\"https:\/\/www.citizenstrade.org\/ctc\/wp-content\/uploads\/2011\/04\/BillMagorian-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.citizenstrade.org\/ctc\/wp-content\/uploads\/2011\/04\/BillMagorian-150x150.jpg 150w, https:\/\/www.citizenstrade.org\/ctc\/wp-content\/uploads\/2011\/04\/BillMagorian-36x36.jpg 36w, https:\/\/www.citizenstrade.org\/ctc\/wp-content\/uploads\/2011\/04\/BillMagorian-115x115.jpg 115w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>On April 13, Panama&#8217;s National Assembly approved a new Tax Information Exchange Agreement (TIEA) with the United States, in an attempt to win approval of the Panama Free Trade Agreement in the U.S. Congress.<\/p>\n<p>Panama has long been a\u00a0key target of both the Organization for Economic Cooperation and Development (OECD) and the G7\u2019s \u201cFinancial Action Task Force\u201d for its resistance to international norms in combating tax evasion and money laundering. Concerns over these issues derailed White House attempts to secure passage of the FTA in 2009.<\/p>\n<p>The new TIEA is a first step, but by no means resolves the issues surrounding the Panama FTA. \u00a0To begin with, the TIEA itself contains a gaping loophole. \u00a0It states flatly that the Panamanian\u00a0government can refuse a tax information request &#8220;where the disclosure of the information requested would be contrary to the public policy&#8221; of Panama. Given that much of Panama&#8217;s economy is built around banking secrecy, this is a serious concern. \u00a0It frankly remains to be seen just how seriously the government will be about changing the nation&#8217;s role as a tax haven.<\/p>\n<p>This is an important question to settle <em>before<\/em> the FTA is approved. \u00a0Panama is home to approximately 400,000 multinational subsidiaries, second in the world only to Hong Kong. \u00a0Each one of those companies would be grant new powers under the FTA&#8217;s investment provisions to challenge new Panamanian or American financial oversight measures adopted in the future.<\/p>\n<div>More so, problematic, NAFTA-style trade provisions regarding the FTA&#8217;s procurement, food safety, intellectual property and agricultural provisions (among others) also still remain. \u00a0Another NAFTA is the last thing either country needs.<\/div>\n<div><\/div>\n<div style=\"text-align: right;\">Learn more about the <a href=\"https:\/\/www.citizenstrade.org\/ctc\/trade-policies\/panama-free-trade-agreement\/\">Panama Free Trade Agreemen<\/a>t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On April 13, Panama&#8217;s National Assembly approved a new Tax Information Exchange Agreement (TIEA) with the United States, in an attempt to win approval of the Panama Free Trade Agreement [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1437,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":[],"categories":[1],"tags":[76],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - 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