Panama signed its first agreement pertaining to double taxation avoidance & fiscal income tax evasion with an Asian country this past week in Singapore. Panama’s Vice President and Foreign Minister, Juan Carlos Varela and the Singapore’s Minister of Foreign Affairs, George Yeo signed a Treaty for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to income taxes.
This is the 8th treaty signed by Panama as a National strategy to protect the International fiscal services of the country looking to promote foreign capital and create better investor confidence. President Martinelli is pushing foreign investment and trade with Panama in several countries around the world.
Vice President, Varela also discussed other possible business ventures with Singapore and Panama to strengthen the business relations with both countries.