Colombian businessmen have pointed out the damage caused to their business dealings with Panama by the respective governments inability to resolve continuing conflicts over the sharing of financial information and tariff policy.

Representatives from the Colombian Chamber of Commerce – Panama stressed the importance of Panama not only as a financial center but as a destination for its exports and investments, and urged government authorities to more quickly resolve the differences on issues of tariff policy and exchange of financial information. Currently the two countries are in the midst of a conflict over the charging of a tariff imposed by Colombia on footwear, textiles and clothing from the Colon Free Zone.

Added to this, is the agreement for sharing financial information which the Colombian and Panamanian government have been negotiating for more than a year. “… According to the president of the Colombian- Panamanian Chamber of Commerce, Eduardo Cristo, for Colombian companies in Panama, taxes are very high in their country of origin, whereas they are are cheaper in Panama , but it’s not an issue of money laundering or tax evasion. ”

Prensa.com explains that “…Recently, the Colombian Finance Minister Mauricio Cardenas, said that on April 13 there will be a new round of negotiations between the two countries to reach an agreement for sharing financial information. In statements made to the newspaper El Espectador, the minister said to Colombian businessmen that it is time to normalize the situation and there is a rule that allows any taxpayer to declare their funds abroad, paying a penalty. He indicated that this issue has caused unrest among entrepreneurs in both countries since the beginning and it is a situation that worries the guild. “

Source: Panamaamerica.com.pa