COLOMBIA NEWS — Following the decision by the Colombian authorities, the costs of financial and tax transactions between the two countries will increase.
The absence of Panama’s signing of an agreement to exchange tax information with Colombia has led authorities of that country to include Panama in the list of uncooperative countries. The main objective of Colombia “… is to close the doors for people hiding money in other countries.”
Santiago Rojas, director of the National Department of Taxes and Customs (DIAN), told Eltiempo.com that “… with this decision business can still be done with Panama but there will be different tax rules, among which is than when making imports there will be a tax not of 10% but of 33% which will not be deductible from income tax, when purchases are made in that country, however, the decision could be reversed as soon as Panama decides to sign the agreement. ”
Meanwhile “… Panama has denounced Colombia to the World Trade Organization (WTO) over discriminatory measures on textiles and footwear coming from the Colon Free Zone and it has also warned Bogotá that it will do the same if declared a tax haven. ”
Source: Eltiempo.com; Central American Data
