Patton, Moreno & Asvat is pleased to announce the appointment of three new partners, Nadya Price, Khatiya Asvat and Gilberto Arosemena.  These professionals have broad and well-recognized experience, and their appointment strengthens the areas of Corporate and Financial Law, Administrative and Commercial Law, and Arbitration in our firm, which benefits our local and international clientele. 

This appointment reiterates once more Patton, Moreno & Asvat’s commitment to service excellence, which has set us apart for almost four decades.

New Aerial Routes

The Panamanian airline Copa Airlines will include 6 new routes to Fortaleza and Salvador, in Brazil, and to Barbados, in the Caribbean.  Pedro Heilbron, Copa Airlines’ executive president, stated that “these advances confirm our commitment and vocation of offering World Class service to our clients, and contributing towards commercial and tourism development in Panama and in all the countries we connect with our aerial routes.”

Port Movements Increased by 10%

According to statistics provided by Panama’s Maritime Authority, movement in Panamanian ports during 2017 included 6,9 million containers, 10% more than what was registered in 2016, where Cristobal Port showed the most growth, increasing from 793 TEUs in 2016 to 1,3 million TEUs in 2017, which represents a 65% increase.

Panama signs MLI

The Republic of Panama signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS – MLI, along with other countries that had previously expressed their intention to do so.  The MLI allows modifications to the network of Agreements to avoid Double Taxation (ADT) in a faster, more efficient, and synchronized manner, without needing to establish multiple bilateral negotiations.

The Treasury makes it possible to make tax payments with credit cards

The General Income Office has made it possible, since this past January 29th, for taxes to be paid online using credit cards, through their web page.  Likewise payments may be made with credit and debit cards at Income Office headquarters throughout the whole country, except in the province of Darien.

Learn more on this and other Tax Law matters; contact our specialist, Dr.  Ebrahim Asvat K.  

Panama is removed from the list of countries that do not cooperate with the European Union on tax-related affairs

The efforts the Panamanian government has been carrying out with the High Level Commission for International Financial Services (CANSIF from its initials in Spanish), has had positive results, such that it recently succeeded in having the European Union remove Panama from its list of countries that do not cooperate with tax-related matters.

CANSIF’s goal is to ensure the country’s capacity and the fulfillment of the highest international standards in tax and financial affairs. The Panamanian government ratified Panama’s commitment to continue certifying the highest international standards in terms of transparency and cooperation on tax-related issues.

Draft Legislation Proposal regarding Tax Fraud

The Ministry of Economy and Finance (MEF) presented to the National Assembly a bill that adds Chapter XII “Crimes against the National Treasury”, to Title VII of the Penal Code, and that protects the Panamanian financial center, as well as logistical and legal services activities, from potentially being used to evade taxes in other jurisdictions or within Panama.

Minister De La Guardia has pointed out that this bill focuses on sanctioning million dollar evasions and contemplates the annulment of any punishment resulting from fraud only in the event of a total and unconditional payment of the owed taxes, and moreover proposes that the Administrative Tribunal be responsible for referring the case to the Public Ministry.

China and Panama sign Transport agreements

Recently, the governments of the People’s Republic of China and Panama signed agreements about civil aerial transport, which establish the basis to define routes for commercial or cargo flights between the two countries; and about maritime affairs, where Panama received the status of “Most Favored Nation”, as well as benefits in port fees, and preferential treatment for ships with Panamanian flag that arrive at ports in the People’s Republic of China.

Free Trade Agreement between Panama and China

Panama and the People’s Republic of China start a feasibility study for Free Trade Agreement (FTA) negotiations, the objective of which is to promote and facilitate commercial relations, taking advantage of the benefits and synergies between the two economies. During the visit of China’s Minister of Commerce, Zhong Chan, to Panama at the beginning of this past month of December, it was agreed that the feasibility study for the FTA would commence at the beginning of the year 2018; and both countries hope to launch FTA negotiations by the middle of this same year. 

Commercial Activity between Panama and the Dominican Republic

On March 20-23, the first Macro Panama Business Conference 2018 will take place in the Dominican Republic. Its purpose is to maximize business opportunities derived from the Limited Scope Agreement signed by both countries.  

New Panamanian trade office in Holland

The Panamanian government has ordered the opening of the first office for agriculture-logistics in Holland, in order to expand Panamanian exports to Europe and to broaden bilateral collaborations that may support Panama’s establishment as a Food Hub.  The Dutch government will support Panama in training professionals in agriculture and food safety by granting scholarships.

Expocomer 2018

The 36^th edition of EXPOCOMER will take place between February 28^th and March 3^rd. This is the main international trade fair, and is organized by the Panamanian Chamber of Commerce, Industry and Agriculture.

Participants in this fair include business people from many different industries, from countries such as Argentina, Belgium, Brazil, China, Chile, Colombia, Costa Rica, El Salvador, United States of America, Guatemala, Indonesia, Korea, Mexico, Panama, Peru, Puerto Rico, Taiwan, Turkey, Venezuela, and Singapore, which will be represented for the first time.

" Shipping Guide 2018"

“The “  Shipping 2018 Global Practice Guide” guide, published by Chambers & Partners is already online.   

Read the Panama Chapter (here), presented by our Partners, specialists in Maritime Law:  Maria Teresa Díaz,   Belisario Porras and  Nadya Price. 

 
Doing Business 2018: Reforms for Job Generation Report 

Our partner Khatiya Asvat, in representation of Patton, Moreno & Asvat, contributed towards the realization of the report titled “ Doing Business 2018: Reforms for Job Generation”, published by the World Bank. This guide provides a local experts’ view of legal systems and regulations that rule conflict resolution throughout the world.

Read the full document here.