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Wednesday, April 16 2014 @ 12:05 PM EDT

France Senate REJECTS Dual Taxation Treaty With Panama

Money MattersThe Senate Finance Committee of France reported today they have rejected the bill for a treaty between Panama and France on dual taxation, due to the "many gaps in Panamanian law." The treaty was intended to avoid double taxation (DTT) and to prevent tax evasion and tax fraud. The head of the commission, the socialist Nicole Bricq, said in a press release that there are doubts about "the actual ability of Panama to provide information about those to whom the country has no access," referring to the anonymous operations or absence accounting of so-called low-tax companies (off-shore). According to Bricq, the treaty, signed in Panama on 30 June 2011, would compromise the "credibility of French policy in the fight against tax havens."

The then Foreign Minister of Panama, Juan Carlos Varela, said this eleventh treaty on dual taxation would allow Panama to be removed from the "gray list" prepared by the Organization for Economic Cooperation and Development (OECD).

In that sense, Bricq said today that, if they had ratified the convention, the decision "would take this country (Panama) off of the French list of uncooperative states and territories and eliminate the tax penalties on financial flows" to the nation.

On 17 November 2011, coinciding with a visit to Paris by Panamanian President Ricardo Martinelli, his French counterpart, Nicolas Sarkozy, pledged to remove Panama from the French list of tax havens. Martinelli said then that with the approval of the double taxation agreement between the two countries, the French Government would take "Panama off of the restrictive lists that had it as a tax haven." (Panama America)

Editor's Comment: Of course. A socialist. In the United States we call those "Democrats." The only good money is your money, which they can take from you in the form of taxes, so they can spread it around to buy votes. Whatever. Now Panama can simply say "screw the French" and hammer them into the ground with equally restrictive actions of retribution - like the contract for about $260 million dollars recently cancelled that was supposed to go to a French company. Remember, the Panamanian economy is growing in leaps and bounds, while the French economy is about to crash and burn like the Hindenburg. Once the French people have had enough of this socialist crap they will wake up, eventually, and when they do their economic policies will take a turn to the sane. Right now the Leftists have a slim majority in the French Senate, and the President of the Senate is from the Socialist Party. If this is any example of the kinds of decisions France will be making in order to get out of the economic mess they are in, the country (and the Euro) are screwed.

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