The government of Panama is reviewing the rules on tax information to adapt them to international requirements, trying not to affect the competitiveness of the banking center.

The review will be carried out by the newly created Presidential High Level Committee for the Defense of International and Financial Services (Candsif) which is composed of representatives from the public and private sector and seeks to provide input on the matter without neglecting national interests.

Panamaamerica.com.pa reports that “… The Panamanian Foreign Ministry has the challenge of maintaining the competitiveness of its corporate and financial center, and in this sense the Candsif will provide a forum for analysis and discussion to develop a policy for the country to analyze the adjustments to be made to the system as well as safeguarding the interests of the nation. ”

‘… Among the immediate challenges are institutional strengthening, including the creation of a negotiating technical team and establishing a system that will ensure the operability of Candsif; a review of the country’s strategy as a basis for the development of the defense and promotion of our services platform, and the revival of bilateral negotiations. ”

Source: Panamaamerica.com.pa