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rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Tax" title="Tax">Taxation</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/100px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png" decoding="async" width="100" height="113" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/150px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/200px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 2x" data-file-width="440" data-file-height="496" /></a></span></td></tr><tr><td class="sidebar-above"> An aspect of <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_policy" title="Tax policy">Policies</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Economic_justice" title="Economic justice">Economic justice</a></li> <li><a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a></li> <li><a href="/wiki/Property_tax_equalization" title="Property tax equalization">Property tax equalization</a></li> <li><a href="/wiki/Tax_revenue" title="Tax revenue">Tax revenue</a></li> <li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Tax_law" title="Tax law">Tax law</a></li> <li><a href="/wiki/Tax_bracket" title="Tax bracket">Tax bracket</a> <ul><li><a href="/wiki/Flat_tax" title="Flat tax">Flat tax</a></li></ul></li> <li><a href="/wiki/Income_tax_threshold" title="Income tax threshold">Tax threshold</a></li> <li><a href="/wiki/Taxation_as_theft" title="Taxation as theft">Taxation as theft</a></li> <li><a href="/wiki/Tax_shift" title="Tax shift">Tax shift</a></li> <li><a href="/wiki/Tax_cut" title="Tax cut">Tax cut</a></li> <li><a href="/wiki/Tax_advantage" title="Tax advantage">Tax advantage</a></li> <li><a href="/wiki/Tax_incentive" title="Tax incentive">Tax incentive</a></li> <li><a href="/wiki/Tax_reform" title="Tax reform">Tax reform</a></li> <li><a href="/wiki/Tax_harmonization" title="Tax harmonization">Tax harmonization</a></li> <li><a href="/wiki/Tax_competition" title="Tax competition">Tax competition</a></li> <li><a href="/wiki/Double_taxation" title="Double taxation">Double taxation</a></li> <li><a href="/wiki/No_taxation_without_representation" title="No taxation without representation">Representation</a></li> <li><a href="/wiki/Medical_savings_account" title="Medical savings account">Medical savings account</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax#Economic_effects" title="Tax">Economics</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General Theory</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Effect_of_taxes_and_subsidies_on_price" title="Effect of taxes and subsidies on price">Price effect</a></li> <li><a href="/wiki/Excess_burden_of_taxation" title="Excess burden of taxation">Excess burden</a></li> <li><a href="/wiki/Tax_incidence" title="Tax incidence">Tax incidence</a></li> <li><a href="/wiki/Laffer_curve" title="Laffer curve">Laffer curve</a></li> <li><a href="/wiki/Optimal_tax" title="Optimal tax">Optimal tax</a></li> <li><a href="/wiki/Fiscal_illusion" title="Fiscal illusion">Fiscal illusion</a></li> <li><a href="/wiki/Theories_of_taxation" title="Theories of taxation">Theories</a></li> <li><a href="/wiki/Optimal_capital_income_taxation" title="Optimal capital income taxation">Optimal capital income taxation</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Distribution of Tax</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_rate" title="Tax rate">Tax rate</a></li> <li><a href="/wiki/Flat_tax" title="Flat tax">Flat</a></li> <li><a href="/wiki/Progressive_tax" title="Progressive tax">Progressive</a></li> <li><a href="/wiki/Regressive_tax" title="Regressive tax">Regressive</a></li> <li><a href="/wiki/Proportional_tax" title="Proportional tax">Proportional</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_collection" class="mw-redirect" title="Tax collection">Collection</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Revenue_service" title="Revenue service">Revenue service</a></li> <li><a href="/wiki/Revenue_stamp" title="Revenue stamp">Revenue stamp</a></li> <li><a href="/wiki/Tax_assessment" title="Tax assessment">Tax assessment</a></li> <li><a href="/wiki/Taxable_income" title="Taxable income">Taxable income</a></li> <li><a href="/wiki/Tax_lien" title="Tax lien">Tax lien</a></li> <li><a href="/wiki/Tax_refund" title="Tax refund">Tax refund</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Tax_residence" title="Tax residence">Tax residence</a></li> <li><a href="/wiki/Tax_preparation" class="mw-redirect" title="Tax preparation">Tax preparation</a></li> <li><a href="/wiki/Tax_protester" title="Tax protester">Tax protester</a></li> <li><a href="/wiki/Tax_investigation" title="Tax investigation">Tax investigation</a></li> <li><a href="/wiki/Tax_collector" title="Tax collector">Tax collector</a></li> <li><a href="/wiki/Tax_withholding" title="Tax withholding">Tax withholding</a></li> <li><a href="/wiki/Privatized_tax_collection" title="Privatized tax collection">Private tax collection</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_noncompliance" title="Tax noncompliance">Noncompliance</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Legal <a href="/wiki/Tax_avoidance" title="Tax avoidance">tax avoidance</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">Base erosion and profit shifting</a> (BEPS) <ul><li><a href="/wiki/Double_Irish_arrangement" title="Double Irish arrangement">Double Irish</a> <ul><li><a href="/wiki/Double_Irish_arrangement#Replacement_by_single_malt" title="Double Irish arrangement">Single Malt</a></li> <li><a href="/wiki/Double_Irish_arrangement#Backstop_of_capital_allowances" title="Double Irish arrangement">CAIA</a></li></ul></li> <li><a href="/wiki/Dutch_Sandwich" title="Dutch Sandwich">Dutch Sandwich</a></li></ul></li> <li><a href="/wiki/Tax_credit" title="Tax credit">Tax credit</a></li> <li><a href="/wiki/Tax_deduction" title="Tax deduction">Tax deduction</a></li> <li><a href="/wiki/Tax_exemption" title="Tax exemption">Tax exemption</a></li> <li><a href="/wiki/Taxpayer_groups" title="Taxpayer groups">Taxpayer groups</a></li> <li><a href="/wiki/Tax_holiday" title="Tax holiday">Tax holiday</a></li> <li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversion</a></li> <li><a href="/wiki/Farm_(revenue_leasing)" title="Farm (revenue leasing)">Tax farming</a></li> <li><a href="/wiki/Repatriation_tax_avoidance" title="Repatriation tax avoidance">Repatriation tax avoidance</a></li> <li><a href="/wiki/Tax_patent" title="Tax patent">Tax patent</a></li> <li><a href="/wiki/Tax_shelter" title="Tax shelter">Tax shelter</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Illegal <a href="/wiki/Tax_evasion" title="Tax evasion">tax evasion</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Tax_amnesty" title="Tax amnesty">Tax amnesty</a></li> <li><a href="/wiki/Black_market" title="Black market">Black market</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Tax_exile" title="Tax exile">Tax exile</a></li> <li><a href="/wiki/Smuggling" title="Smuggling">Smuggling</a></li> <li><a href="/wiki/Tax_resistance" title="Tax resistance">Tax resistance</a></li> <li><a href="/wiki/Transfer_mispricing" title="Transfer mispricing">Transfer mispricing</a></li> <li><a href="/wiki/Unreported_employment" title="Unreported employment">Unreported employment</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Locations</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_haven" title="Tax haven">Tax havens</a></li> <li><a href="/wiki/Corporate_haven" title="Corporate haven">Corporate havens</a></li> <li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a> (OFCs)</li> <li><a href="/wiki/Offshore_magic_circle" title="Offshore magic circle">Offshore magic circle</a></li> <li><a href="/wiki/Conduit_and_sink_OFCs" title="Conduit and sink OFCs">Conduit and sink OFCs</a></li> <li><a href="/wiki/Financial_centre" title="Financial centre">Financial centres</a></li> <li><a href="/wiki/Financial_Secrecy_Index" title="Financial Secrecy Index">Financial Secrecy Index</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Major examples</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Ireland_as_a_tax_haven" title="Ireland as a tax haven">Ireland as a tax haven</a> <ul><li><i><a href="/wiki/Apple%27s_EU_tax_dispute" title="Apple's EU tax dispute">Ireland v. Commission</a></i></li> <li><a href="/wiki/Leprechaun_economics" title="Leprechaun economics">Leprechaun economics</a></li></ul></li> <li><a href="/wiki/2008_Liechtenstein_tax_affair" title="2008 Liechtenstein tax affair">Liechtenstein tax affair</a></li> <li><a href="/wiki/LuxLeaks" title="LuxLeaks">Luxembourg Leaks</a></li> <li><a href="/wiki/Offshore_Leaks" title="Offshore Leaks">Offshore Leaks</a></li> <li><a href="/wiki/Paradise_Papers" title="Paradise Papers">Paradise Papers</a></li> <li><a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a></li> <li><a href="/wiki/Swiss_Leaks" title="Swiss Leaks">Swiss Leaks</a></li> <li><a href="/wiki/United_States_as_a_tax_haven" title="United States as a tax haven">United States as a tax haven</a></li> <li><a class="mw-selflink selflink">Panama as a tax haven</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/List_of_taxes" title="List of taxes">Types</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Direct_tax" title="Direct tax">Direct</a></li> <li><a href="/wiki/Indirect_tax" title="Indirect tax">Indirect</a></li> <li><a href="/wiki/Per_unit_tax" title="Per unit tax">Per unit</a></li> <li><a href="/wiki/Ad_valorem_tax" title="Ad valorem tax">Ad valorem</a></li> <li><a href="/wiki/Aviation_taxation_and_subsidies" title="Aviation taxation and subsidies">Aviation</a> <ul><li><a href="/wiki/Airport_improvement_fee" title="Airport improvement fee">Airport improvement</a></li> <li><a href="/wiki/Landing_fee" title="Landing fee">Landing</a></li> <li><a href="/wiki/Solidarity_tax_on_airplane_tickets" title="Solidarity tax on airplane tickets">Solidarity</a></li></ul></li> <li><a href="/wiki/Capital_gains_tax" title="Capital gains tax">Capital gains</a> <ul><li><a href="/wiki/Expatriation_tax" title="Expatriation tax">Expatriation</a></li></ul></li> <li><a href="/wiki/Consumption_tax" title="Consumption tax">Consumption</a> <ul><li><a href="/wiki/Departure_tax" title="Departure tax">Departure</a></li> <li><a href="/wiki/Hotel_tax" class="mw-redirect" title="Hotel tax">Hotel</a></li> <li><a href="/wiki/Sales_tax" title="Sales tax">Sales</a></li> <li><a href="/wiki/Stamp_duty" title="Stamp duty">Stamp</a></li> <li><a href="/wiki/Television_licence" title="Television licence">Television</a></li> <li><a href="/wiki/Tourist_tax" title="Tourist tax">Tourist</a></li> <li><a href="/wiki/Value-added_tax" title="Value-added tax">Value-added</a></li></ul></li> <li><a href="/wiki/Dividend_tax" title="Dividend tax">Dividend</a></li> <li><a href="/wiki/Environmental_tax" title="Environmental tax">Environmental tax</a> <ul><li><a href="/wiki/Carbon_tax" title="Carbon tax">Carbon</a></li> <li><a href="/wiki/Eco-tariff" title="Eco-tariff">Eco-tariff</a></li> <li><a href="/wiki/Landfill_tax" title="Landfill tax">Landfill</a></li> <li><a href="/wiki/Natural_resources_consumption_tax" title="Natural resources consumption tax">Natural resources consumption</a></li> <li><a href="/wiki/Severance_tax" title="Severance tax">Severance</a></li> <li><a href="/wiki/Steering_tax" title="Steering tax">Steering</a></li> <li><a href="/wiki/Stumpage" title="Stumpage">Stumpage</a></li></ul></li> <li><a href="/wiki/Excise" title="Excise">Excise</a> <ul><li><a href="/wiki/Alcohol_law" title="Alcohol law">Alcohol</a></li> <li><a href="/wiki/Cigarette_taxes_in_the_United_States" title="Cigarette taxes in the United States">Cigarette</a></li> <li><a href="/wiki/Fat_tax" title="Fat tax">Fat</a></li> <li><a href="/wiki/Meat_tax" title="Meat tax">Meat</a></li> <li><a href="/wiki/Sin_tax" title="Sin tax">Sin</a></li> <li><a href="/wiki/Sugary_drink_tax" title="Sugary drink tax">Sugary drink</a></li> <li><a href="/wiki/Tobacco_smoking" title="Tobacco smoking">Tobacco</a></li></ul></li> <li><a href="/wiki/Consolidated_Fund" title="Consolidated Fund">General</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgist</a></li> <li><a href="/wiki/Gift_tax" title="Gift tax">Gift</a></li> <li><a href="/wiki/Gross_receipts_tax" title="Gross receipts tax">Gross receipts</a></li> <li><a href="/wiki/Hypothecated_tax" title="Hypothecated tax">Hypothecated</a></li> <li><a href="/wiki/Income_tax" title="Income tax">Income</a></li> <li><a href="/wiki/Inheritance_tax" title="Inheritance tax">Inheritance (estate)</a></li> <li><a href="/wiki/Land_value_tax" title="Land value tax">Land value</a></li> <li><a href="/wiki/Luxury_tax" title="Luxury tax">Luxury</a></li> <li><a href="/wiki/Payroll_tax" title="Payroll tax">Payroll</a></li> <li><a href="/wiki/Pigouvian_tax" title="Pigouvian tax">Pigouvian</a></li> <li><a href="/wiki/Property_tax" title="Property tax">Property</a></li> <li><a href="/wiki/Resource_rent_tax" title="Resource rent tax">Resource rent</a></li> <li><a href="/wiki/Single_tax" title="Single tax">Single</a></li> <li><a href="/wiki/Surtax" title="Surtax">Surtax</a></li> <li><a href="/wiki/Turnover_tax" title="Turnover tax">Turnover</a></li> <li><a href="/wiki/Use_tax" title="Use tax">Use</a></li> <li><a href="/wiki/User_charge" title="User charge">User charge</a>/<a href="/wiki/User_fee" title="User fee">fee</a> <ul><li><a href="/wiki/Congestion_pricing" title="Congestion pricing">Congestion</a></li> <li><a href="/wiki/Fuel_tax" title="Fuel tax">Fuel</a></li> <li><a href="/wiki/Road_pricing" title="Road pricing">Road</a>/<a href="/wiki/GNSS_road_pricing" title="GNSS road pricing">GNSS</a></li> <li><a href="/wiki/Toll_(fee)" title="Toll (fee)">Toll</a></li> <li><a href="/wiki/Vehicle_miles_traveled_tax" title="Vehicle miles traveled tax">Vehicle miles traveled</a></li></ul></li> <li><a href="/wiki/Corporate_tax" title="Corporate tax">Corporate profit</a></li> <li><a href="/wiki/Excess_profits_tax" title="Excess profits tax">Excess profits</a></li> <li><a href="/wiki/Windfall_tax" title="Windfall tax">Windfall</a></li> <li><a href="/wiki/Negative_income_tax" title="Negative income tax">Negative (income)</a></li> <li><a href="/wiki/Wealth_tax" title="Wealth tax">Wealth</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/International_taxation" title="International taxation">International</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a></li> <li><a href="/wiki/Association_for_the_Taxation_of_Financial_Transactions_and_for_Citizens%27_Action" title="Association for the Taxation of Financial Transactions and for Citizens' Action">ATTAC</a></li> <li><a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a></li> <li><a href="/wiki/Common_Consolidated_Corporate_Tax_Base" title="Common Consolidated Corporate Tax Base"><span class="wrap">European Union Common Consolidated Corporate Tax Base</span></a> (CCCTB)</li> <li><a href="/wiki/Global_minimum_corporate_tax_rate" title="Global minimum corporate tax rate">Global minimum corporate tax rate</a></li> <li><a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a></li> <li><a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a></li> <li><a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a></li> <li><a href="/wiki/Tax_equalization" title="Tax equalization">Tax equalization</a></li> <li><a href="/wiki/Tax_treaty" title="Tax treaty">Tax treaty</a></li> <li><a href="/wiki/Exchange_of_Information" class="mw-redirect" title="Exchange of Information">Exchange of Information</a></li> <li><a href="/wiki/Permanent_establishment" title="Permanent establishment">Permanent establishment</a></li> <li><a href="/wiki/Transfer_pricing" title="Transfer pricing">Transfer pricing</a></li> <li><a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">European Union FTT</a></li> <li><a href="/wiki/Rule_against_foreign_revenue_enforcement" title="Rule against foreign revenue enforcement">Foreign revenue rule</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Trade" title="Trade">Trade</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Customs" title="Customs">Custom</a></li> <li><a href="/wiki/Duty_(economics)" class="mw-redirect" title="Duty (economics)">Duty</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a> <ul><li><a href="/wiki/Import" title="Import">Import</a></li> <li><a href="/wiki/Export" title="Export">Export</a></li></ul></li> <li><a href="/wiki/Trade_war" title="Trade war">Tariff war</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Free-trade_zone" title="Free-trade zone">Free-trade zone</a></li> <li><a href="/wiki/Trade_agreement" title="Trade agreement">Trade agreement</a></li> <li><a href="/wiki/ATA_Carnet" title="ATA Carnet">ATA Carnet</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)">Research</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Academic</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Mihir_A._Desai" title="Mihir A. Desai">Mihir A. Desai</a></li> <li><a href="/wiki/Dhammika_Dharmapala" title="Dhammika Dharmapala">Dhammika Dharmapala</a></li> <li><a href="/wiki/James_R._Hines_Jr." title="James R. Hines Jr.">James R. Hines Jr.</a></li> <li><a href="/wiki/Ronen_Palan" title="Ronen Palan">Ronen Palan</a></li> <li><a href="/wiki/Joel_Slemrod" title="Joel Slemrod">Joel Slemrod</a></li> <li><a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Advocacy groups</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Institute_on_Taxation_and_Economic_Policy" title="Institute on Taxation and Economic Policy">Institute on Taxation and Economic Policy</a> (ITEP)</li> <li><a href="/wiki/Oxfam" title="Oxfam">Oxfam</a> (UK)</li> <li><a href="/wiki/Tax_Foundation" title="Tax Foundation">Tax Foundation</a> (US)</li> <li><a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a> (TJN)</li> <li><a href="/wiki/Tax_Policy_Center" title="Tax Policy Center">Tax Policy Center</a> (US)</li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Religion" title="Religion">Religious</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Church_tax" title="Church tax">Church tax</a></li> <li><a href="/wiki/Eight_per_thousand" title="Eight per thousand">Eight per thousand</a></li> <li><a href="/wiki/Teind" title="Teind">Teind</a></li> <li><a href="/wiki/Tithe" title="Tithe">Tithe</a></li> <li><a href="/wiki/Fiscus_Judaicus" title="Fiscus Judaicus">Fiscus Judaicus</a></li> <li><a href="/wiki/Leibzoll" title="Leibzoll">Leibzoll</a></li> <li><a href="/wiki/Temple_tax" title="Temple tax">Temple tax</a></li> <li><a href="/wiki/Tolerance_tax" title="Tolerance tax">Tolerance tax</a></li> <li><a href="/wiki/Jizya" title="Jizya">Jizya</a></li> <li><a href="/wiki/Kharaj" title="Kharaj">Kharaj</a></li> <li><a href="/wiki/Khums" title="Khums">Khums</a></li> <li><a href="/wiki/Nisab" title="Nisab">Nisab</a></li> <li><a href="/wiki/Zakat" title="Zakat">Zakat</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Category:Taxation_by_country" title="Category:Taxation by country">By country</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> All Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/List_of_countries_by_tax_rates" title="List of countries by tax rates">List of countries by tax rates</a> <ul><li><a href="/wiki/List_of_countries_by_tax_revenue_to_GDP_ratio" class="mw-redirect" title="List of countries by tax revenue to GDP ratio">Tax revenue to GDP ratio</a></li></ul></li> <li><a href="/wiki/Tax_rates_in_Europe" title="Tax rates in Europe">Tax rates in Europe</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Individual Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Taxation_in_Albania" title="Taxation in Albania">Albania</a></li> <li><a href="/wiki/Taxation_in_Algeria" title="Taxation in Algeria">Algeria</a></li> <li><a href="/wiki/Taxation_in_Argentina" title="Taxation in Argentina">Argentina</a></li> <li><a href="/wiki/Taxation_in_Armenia" title="Taxation in Armenia">Armenia</a></li> <li><a href="/wiki/Taxation_in_Australia" title="Taxation in Australia">Australia</a></li> <li><a href="/wiki/Taxation_in_Azerbaijan" title="Taxation in Azerbaijan">Azerbaijan</a></li> <li><a href="/wiki/Taxation_in_Bangladesh" title="Taxation in Bangladesh">Bangladesh</a></li> <li><a href="/wiki/Taxation_in_Bhutan" title="Taxation in Bhutan">Bhutan</a></li> <li><a href="/wiki/Taxation_in_Brazil" title="Taxation in Brazil">Brazil</a></li> <li><a href="/wiki/Taxation_in_Bulgaria" title="Taxation in Bulgaria">Bulgaria</a></li> <li><a href="/wiki/Taxation_in_the_British_Virgin_Islands" title="Taxation in the British Virgin Islands">BVI</a></li> <li><a href="/wiki/Taxation_in_Canada" title="Taxation in Canada">Canada</a></li> <li><a href="/wiki/Taxation_in_China" title="Taxation in China">China</a></li> <li><a href="/wiki/Taxation_in_Colombia" title="Taxation in Colombia">Colombia</a></li> <li><a href="/wiki/Taxation_in_Croatia" title="Taxation in Croatia">Croatia</a></li> <li><a href="/wiki/Taxation_in_Denmark" title="Taxation in Denmark">Denmark</a></li> <li><a href="/wiki/Taxation_in_Finland" title="Taxation in Finland">Finland</a></li> <li><a href="/wiki/Taxation_in_France" title="Taxation in France">France</a></li> <li><a href="/wiki/Taxation_in_Germany" title="Taxation in Germany">Germany</a></li> <li><a href="/wiki/Taxation_in_Greece" title="Taxation in Greece">Greece</a></li> <li><a href="/wiki/Taxation_in_Hong_Kong" title="Taxation in Hong Kong">Hong Kong</a></li> <li><a href="/wiki/Taxation_in_Iceland" title="Taxation in Iceland">Iceland</a></li> <li><a href="/wiki/Taxation_in_India" title="Taxation in India">India</a></li> <li><a href="/wiki/Taxation_in_Indonesia" title="Taxation in Indonesia">Indonesia</a></li> <li><a href="/wiki/Taxation_in_Iran" title="Taxation in Iran">Iran</a></li> <li><a href="/wiki/Taxation_in_the_Republic_of_Ireland" title="Taxation in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Taxation_in_Israel" title="Taxation in Israel">Israel</a></li> <li><a href="/wiki/Taxation_in_Italy" title="Taxation in Italy">Italy</a></li> <li><a href="/wiki/Taxation_in_Japan" title="Taxation in Japan">Japan</a></li> <li><a href="/wiki/Taxation_in_Kazakhstan" title="Taxation in Kazakhstan">Kazakhstan</a></li> <li><a href="/wiki/Taxation_in_Lithuania" title="Taxation in Lithuania">Lithuania</a></li> <li><a href="/wiki/Taxation_in_Malta" title="Taxation in Malta">Malta</a></li> <li><a href="/wiki/Taxation_in_Morocco" title="Taxation in Morocco">Morocco</a></li> <li><a href="/wiki/Taxation_in_Namibia" title="Taxation in Namibia">Namibia</a></li> <li><a href="/wiki/Taxation_in_the_Netherlands" title="Taxation in the Netherlands">Netherlands</a></li> <li><a href="/wiki/Taxation_in_New_Zealand" title="Taxation in New Zealand">New Zealand</a></li> <li><a href="/wiki/Taxation_in_Norway" title="Taxation in Norway">Norway</a></li> <li><a href="/wiki/Taxation_in_Pakistan" title="Taxation in Pakistan">Pakistan</a></li> <li><a href="/wiki/Taxation_in_the_State_of_Palestine" title="Taxation in the State of Palestine">Palestine</a></li> <li><a href="/wiki/Taxation_in_Peru" title="Taxation in Peru">Peru</a></li> <li><a href="/wiki/Taxation_in_the_Philippines" title="Taxation in the Philippines">Philippines</a></li> <li><a href="/wiki/Taxation_in_Poland" title="Taxation in Poland">Poland</a></li> <li><a href="/wiki/Taxation_in_Portugal" title="Taxation in Portugal">Portugal</a></li> <li><a href="/wiki/Taxation_in_Russia" title="Taxation in Russia">Russia</a></li> <li><a href="/wiki/Taxation_in_South_Africa" title="Taxation in South Africa">South Africa</a></li> <li><a href="/wiki/Taxation_in_Sri_Lanka" title="Taxation in Sri Lanka">Sri Lanka</a></li> <li><a href="/wiki/Taxation_in_Sweden" title="Taxation in Sweden">Sweden</a></li> <li><a href="/wiki/Taxation_in_Switzerland" title="Taxation in Switzerland">Switzerland</a></li> <li><a href="/wiki/Taxation_in_Taiwan" title="Taxation in Taiwan">Taiwan</a></li> <li><a href="/wiki/Taxation_in_Tanzania" title="Taxation in Tanzania">Tanzania</a></li> <li><a href="/wiki/Taxation_in_the_United_Arab_Emirates" title="Taxation in the United Arab Emirates">United Arab Emirates</a></li> <li><a href="/wiki/Taxation_in_the_United_Kingdom" title="Taxation in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">United States</a></li> <li><a href="/wiki/Taxation_in_Uruguay" title="Taxation in Uruguay">Uruguay</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-below" style="background-color: #efefef;"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Taxation" class="mw-redirect" title="Template:Taxation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Taxation" class="mw-redirect" title="Template talk:Taxation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Taxation" title="Special:EditPage/Template:Taxation"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>The <a href="/wiki/Panama" title="Panama">Republic of Panama</a> is one of the oldest and best-known <a href="/wiki/Tax_haven" title="Tax haven">tax havens</a> in <a href="/wiki/The_Caribbean" class="mw-redirect" title="The Caribbean">the Caribbean</a>, as well as one of the most established in the region.<sup id="cite_ref-Maverick_1-0" class="reference"><a href="#cite_note-Maverick-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Panama has had a reputation for <a href="/wiki/Tax_avoidance" title="Tax avoidance">tax avoidance</a> since the early 20th century, and Panama has been cited repeatedly in recent years as a jurisdiction which does not cooperate with international tax transparency initiatives. </p><p>Panama's offshore sector is intimately tied to the <a href="/wiki/Panama_Canal" title="Panama Canal">Panama Canal</a>, which has made it a gateway and <i><a href="/wiki/Entrep%C3%B4t" title="Entrepôt">entrepôt</a></i> for international trade.<sup id="cite_ref-PanamaTJN_2-0" class="reference"><a href="#cite_note-PanamaTJN-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> There are strong similarities between Panama and other leading tax havens like Hong Kong, Singapore and Dubai. On paper at least, Panama has the largest shipping fleet in the world, greater than those of the US and China combined, according to the <a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Background_(1910s–1970s)"><span id="Background_.281910s.E2.80.931970s.29"></span>Background (1910s–1970s)</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panama_as_a_tax_haven&action=edit&section=1" title="Edit section: Background (1910s–1970s)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Panama_Canal_under_construction,_1907.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/Panama_Canal_under_construction%2C_1907.jpg/220px-Panama_Canal_under_construction%2C_1907.jpg" decoding="async" width="220" height="227" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/Panama_Canal_under_construction%2C_1907.jpg/330px-Panama_Canal_under_construction%2C_1907.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/49/Panama_Canal_under_construction%2C_1907.jpg/440px-Panama_Canal_under_construction%2C_1907.jpg 2x" data-file-width="1612" data-file-height="1660" /></a><figcaption>Construction work on the <a href="/wiki/Gaillard_Cut" class="mw-redirect" title="Gaillard Cut">Gaillard Cut</a> of the <a href="/wiki/Panama_Canal" title="Panama Canal">Panama Canal</a>, 1907</figcaption></figure> <p>A 2014 investigation by journalist <a href="/wiki/Ken_Silverstein" title="Ken Silverstein">Ken Silverstein</a> published in <i><a href="/wiki/Vice_(magazine)" title="Vice (magazine)">Vice Magazine</a></i> explains how Panama came into being, with US help: </p> <blockquote><p><a href="/wiki/Hay%E2%80%93Herr%C3%A1n_Treaty" title="Hay–Herrán Treaty">In 1903, the administration of Theodore Roosevelt created the country</a> after bullying Colombia to hand over what was then the province of Panama. Roosevelt acted at the behest of various banking groups, among them <a href="/wiki/J._P._Morgan_%26_Co." class="mw-redirect" title="J. P. Morgan & Co.">J. P. Morgan & Co.</a>, which was appointed as the country's official "fiscal agent".<sup id="cite_ref-Silverstein_3-0" class="reference"><a href="#cite_note-Silverstein-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>The <a href="/wiki/Presidency_of_Theodore_Roosevelt" title="Presidency of Theodore Roosevelt">Roosevelt administration</a> sought to foment armed rebellion by Panamanian nationalists,<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> forcing Panama away from a politically fragile Colombia. Roosevelt achieved this goal with the help of <a href="/wiki/William_Nelson_Cromwell" title="William Nelson Cromwell">William Nelson Cromwell</a>, a well-connected US Republican lawyer and also legal counsel for JP Morgan's railroad interests. The administration's key objective was allegedly to install a pro-US Panamanian government that would secure US rights over the <a href="/wiki/Panama_Canal" title="Panama Canal">Panama Canal</a>.<sup id="cite_ref-Diaz-Espino2014_5-0" class="reference"><a href="#cite_note-Diaz-Espino2014-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Hay%E2%80%93Bunau-Varilla_Treaty" title="Hay–Bunau-Varilla Treaty">Hay–Bunau-Varilla Treaty</a> resulted, establishing permanent U.S. rights to a <a href="/wiki/Panama_Canal_Zone" title="Panama Canal Zone">Panama Canal Zone</a> several miles wide, across the neck of the isthmus. Panama became independent from Colombia the same month, and the Panama Canal opened in 1914.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>According to a 2013 academic study published by the Norwegian Center for Taxation, Panama's reputation as a <a href="/wiki/Tax_haven" title="Tax haven">tax haven</a> began in the year 1919, when it began registering foreign ships in order to help <a href="/wiki/Standard_Oil" title="Standard Oil">Standard Oil</a> avoid US taxes and regulations; other US ship owners followed, some seeking to avoid the higher wages and better working conditions imposed by US legislation such as the Seaman's Act and safety standards for sea vessels.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Also, during the <a href="/wiki/Prohibition_era" class="mw-redirect" title="Prohibition era">Prohibition era</a>, US passenger ships were allowed to serve alcohol to their customers without breaking the law if they had Panamanian registration.<sup id="cite_ref-Armando_Jose_Garcia_Pires_8-0" class="reference"><a href="#cite_note-Armando_Jose_Garcia_Pires-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Within a few years, Panama extended its minimalist approach to taxation, regulation and financial disclosure requirements to the world of <a href="/wiki/Offshore_finance" class="mw-redirect" title="Offshore finance">offshore finance</a>. According to the study, "Wall Street interests helped Panama introduce lax company incorporation laws, which let anyone start tax-free, anonymous corporations, with few questions asked".<sup id="cite_ref-Armando_Jose_Garcia_Pires_8-1" class="reference"><a href="#cite_note-Armando_Jose_Garcia_Pires-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Background_(1970s–present)"><span id="Background_.281970s.E2.80.93present.29"></span>Background (1970s–present)</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panama_as_a_tax_haven&action=edit&section=2" title="Edit section: Background (1970s–present)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>For decades, offshore finance had a relatively modest profile in Panama, but it took off in the 1970s as world oil prices surged. During this time, the Republic of Panama passed legislation "entrenching corporate and individual financial secrecy".<sup id="cite_ref-BBC1_9-0" class="reference"><a href="#cite_note-BBC1-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>By 1982, partly attracted by business opportunities deriving from the Panama Canal and its free trade zone, more than 100 international banks had offices in Panama City.<sup id="cite_ref-BBC1_9-1" class="reference"><a href="#cite_note-BBC1-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>According to <i><a href="/wiki/Investopedia" title="Investopedia">Investopedia</a></i>: "Panama's offshore jurisdiction offers a wide array of excellent financial services, including offshore banking, the incorporation of offshore companies, registration of ships and the formation of Panama trusts and foundations."<sup id="cite_ref-Maverick_1-1" class="reference"><a href="#cite_note-Maverick-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> In Panama, no taxes are imposed on offshore companies which engage in business solely outside of the jurisdiction; therefore, the companies which are incorporated in the Republic of Panama and the owners of these companies are exempt from <a href="/wiki/Corporate_taxes" class="mw-redirect" title="Corporate taxes">corporate taxes</a>, <a href="/wiki/Withholding_tax" class="mw-redirect" title="Withholding tax">withholding taxes</a>, <a href="/wiki/Capital_gains_tax" title="Capital gains tax">capital gains tax</a>, <a href="/wiki/Local_taxes" class="mw-redirect" title="Local taxes">local taxes</a>, <a href="/wiki/Estate_taxes" class="mw-redirect" title="Estate taxes">estate taxes</a> and <a href="/wiki/Inheritance_tax" title="Inheritance tax">inheritance tax</a>. However, businesses within Panama itself are permitted to conduct business there so long as the company pays its local taxes.<sup id="cite_ref-Maverick_1-2" class="reference"><a href="#cite_note-Maverick-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Panama has been cited repeatedly in recent years by the <a href="/wiki/United_States_Department_of_State" title="United States Department of State">State Department</a> of the <a href="/wiki/United_States" title="United States">United States</a> and the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF) as a jurisdiction which does not cooperate with international tax transparency initiatives due to the legislation which regulates the country's offshore jurisdiction and financial services.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Panama has over 350,000 <a href="/wiki/International_business_company" title="International business company">international business companies</a> (IBCs) registered, the third largest number in the world after <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a> and the <a href="/wiki/British_Virgin_Islands" title="British Virgin Islands">Virgin Islands</a>. Alongside incorporation of IBCs, Panama is active in forming tax-evading foundations and trusts, insurance, and boat and shipping registration, according to the <a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a>.<sup id="cite_ref-PanamaTJN_2-1" class="reference"><a href="#cite_note-PanamaTJN-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Financial_privacy">Financial privacy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panama_as_a_tax_haven&action=edit&section=3" title="Edit section: Financial privacy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Countries_implicated_in_the_Panama_Papers.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/40/Countries_implicated_in_the_Panama_Papers.svg/325px-Countries_implicated_in_the_Panama_Papers.svg.png" decoding="async" width="325" height="167" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/40/Countries_implicated_in_the_Panama_Papers.svg/488px-Countries_implicated_in_the_Panama_Papers.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/40/Countries_implicated_in_the_Panama_Papers.svg/650px-Countries_implicated_in_the_Panama_Papers.svg.png 2x" data-file-width="863" data-file-height="443" /></a><figcaption>Countries with politicians, public officials or close associates implicated in the <a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a> leak on April 15, 2016</figcaption></figure> <p>An extensive amount of legislation currently exists in the Republic of Panama to protect corporate and financial privacy. However, organisations such as the <a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a> and other <a href="/wiki/Advocacy_groups" class="mw-redirect" title="Advocacy groups">advocacy groups</a> and <a href="/wiki/Non-governmental_organisations" class="mw-redirect" title="Non-governmental organisations">non-governmental organisations</a> state that the main intention of these laws is financial secrecy, as opposed to privacy.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>The names of <a href="/wiki/Shareholders" class="mw-redirect" title="Shareholders">shareholders</a> of Panamanian corporations, trusts and foundations are still not required by law to be publicly registered. Panama has no <a href="/wiki/Exchange_controls" class="mw-redirect" title="Exchange controls">exchange controls</a>: this means that for individual clients of Panama's offshore banking, as well as for offshore business entities incorporated in Panama, there are no limits or reporting requirements on money transfers into or out of the country.<sup id="cite_ref-Maverick_1-3" class="reference"><a href="#cite_note-Maverick-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-BBC1_9-2" class="reference"><a href="#cite_note-BBC1-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Panama also has very strict banking secrecy laws: for example, it is forbidden for Panamanian banks to share any information about offshore bank accounts or account holders, except under special circumstances instigated by the Panamanian authorities. Such regulation has made it difficult to investigate the true extent of the <a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a> leak, as severe criminal penalties are enacted to individuals who breach confidentiality.<sup id="cite_ref-Maverick_1-4" class="reference"><a href="#cite_note-Maverick-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-BBC1_9-3" class="reference"><a href="#cite_note-BBC1-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Despite this, Panama does not appear on the <a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a>'s top ten list for financial secrecy,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> with Alex Cobham of Tax Justice Network saying "There is a double standard: many developed countries host or support jurisdictions where there is an absence of financial transparency".<sup id="cite_ref-BBC_top_10_14-0" class="reference"><a href="#cite_note-BBC_top_10-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Accusations">Accusations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panama_as_a_tax_haven&action=edit&section=4" title="Edit section: Accusations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Mossack_Fonseca_HQ.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/be/Mossack_Fonseca_HQ.JPG/220px-Mossack_Fonseca_HQ.JPG" decoding="async" width="220" height="124" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/be/Mossack_Fonseca_HQ.JPG/330px-Mossack_Fonseca_HQ.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/be/Mossack_Fonseca_HQ.JPG/440px-Mossack_Fonseca_HQ.JPG 2x" data-file-width="3984" data-file-height="2240" /></a><figcaption><a href="/wiki/Mossack_Fonseca" title="Mossack Fonseca">Mossack Fonseca</a> headquarters.</figcaption></figure> <p>Pascal Saint Amans, Director of the <a href="/wiki/Centre_for_Tax_Policy_and_Administration" title="Centre for Tax Policy and Administration">Centre for Tax Policy and Administration</a> in the <a href="/wiki/OECD" title="OECD">OECD</a><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> said: "From the standpoint of reputation, Panama is still the only place where people still believe they can hide their money."<sup id="cite_ref-BBC1_9-4" class="reference"><a href="#cite_note-BBC1-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-PanamaTJN_2-2" class="reference"><a href="#cite_note-PanamaTJN-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Writing for <a href="/wiki/VICE_News" class="mw-redirect" title="VICE News">VICE News</a>, <a href="/wiki/Ken_Silverstein" title="Ken Silverstein">Ken Silverstein</a> explained the <a href="/wiki/Mossack_Fonseca" title="Mossack Fonseca">Mossack Fonseca</a> history in the region: "These laws attracted a long line of 'dirtbags' and dictators who used Panama to hide their stolen loot, including <a href="/wiki/Ferdinand_Marcos" title="Ferdinand Marcos">Ferdinand Marcos</a>, <a href="/wiki/Jean-Claude_Duvalier" title="Jean-Claude Duvalier">'Baby Doc' Duvalier</a>, and <a href="/wiki/Augusto_Pinochet" title="Augusto Pinochet">Augusto Pinochet</a>. When <a href="/wiki/Manuel_Noriega" title="Manuel Noriega">Manuel Noriega</a>, commander of the <a href="/wiki/Panamanian_Public_Forces#The_Panamanian_Defense_Forces" title="Panamanian Public Forces">Panama Defence Forces</a>, took power in Panama in 1983, Silverstein said, Noriega essentially nationalised the money-laundering business; he partnered with the <a href="/wiki/Medell%C3%ADn_Cartel" title="Medellín Cartel">Medellin drug cartel</a> and gave it free rein to operate in the country."<sup id="cite_ref-BBC1_9-5" class="reference"><a href="#cite_note-BBC1-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Silverstein_3-1" class="reference"><a href="#cite_note-Silverstein-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>In the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>, <i><a href="/wiki/Private_Eye" title="Private Eye">Private Eye</a></i> used data collected from the <a href="/wiki/Land_Registry" class="mw-redirect" title="Land Registry">Land Registry</a> to create "an easily searchable online map ... of properties in England and Wales owned by offshore companies. It reveals for the first time the extent of the British property interests held by companies based in tax havens." Most of these properties are tax avoidance vehicles and in some cases also to conceal wealth of dubious origin."<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>A 2003 examination of tax havens by <a href="/wiki/Jeffrey_Robinson" title="Jeffrey Robinson">Jeffrey Robinson</a> quotes a US Customs official as saying: </p> <blockquote><p>[Panama] is filled with dishonest lawyers, dishonest bankers, dishonest company formation agents and dishonest companies registered there by those dishonest lawyers so that they can deposit dirty money into their dishonest banks. The <a href="/wiki/Colon_Free_Trade_Zone" class="mw-redirect" title="Colon Free Trade Zone">Free Trade Zone</a> is the black hole through which Panama has become one of the filthiest money laundering sinks in the world.<sup id="cite_ref-ConversationPanama_17-0" class="reference"><a href="#cite_note-ConversationPanama-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-PanamaTJN_2-3" class="reference"><a href="#cite_note-PanamaTJN-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading3"><h3 id="Tax_Justice_Network">Tax Justice Network</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panama_as_a_tax_haven&action=edit&section=5" title="Edit section: Tax Justice Network"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Advocacy_group" title="Advocacy group">advocacy group</a> the <a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a> has described <a href="/wiki/Panama" title="Panama">Panama</a> as "the recipient of drugs money from Latin America, plus ample other sources of dirty money from the US and elsewhere".<sup id="cite_ref-ConversationPanama_17-1" class="reference"><a href="#cite_note-ConversationPanama-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> It said "now is a good moment to draw attention to how Panama developed as a secrecy jurisdiction and how it continues to provide full service – wash, rinse and dry – to crooks and money launderers from around the world."<sup id="cite_ref-ConversationPanama_17-2" class="reference"><a href="#cite_note-ConversationPanama-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Response">Response</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panama_as_a_tax_haven&action=edit&section=6" title="Edit section: Response"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Reactions_to_the_Panama_Papers" title="Reactions to the Panama Papers">Reactions to the Panama Papers</a></div> <p><a href="/wiki/Ram%C3%B3n_Fonseca_Mora" title="Ramón Fonseca Mora">Ramón Fonseca Mora</a>, the co-founder of <a href="/wiki/Mossack_Fonseca" title="Mossack Fonseca">Mossack Fonseca</a>, told the <i><a href="/wiki/New_York_Times" class="mw-redirect" title="New York Times">New York Times</a></i>: "I assure you there is more dirty money in New York, Miami and London than there is in Panama".<sup id="cite_ref-BBC_top_10_14-1" class="reference"><a href="#cite_note-BBC_top_10-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The United States is <a href="/wiki/United_States_as_a_tax_haven" title="United States as a tax haven">an alleged tax haven</a> despite the <a href="/wiki/Foreign_Account_Tax_Compliance_Act" title="Foreign Account Tax Compliance Act">Foreign Account Tax Compliance Act</a>.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> The US has refused the <a href="/wiki/Common_Reporting_Standard" title="Common Reporting Standard">Common Reporting Standard</a> set up by the <a href="/wiki/Organisation_for_Economic_Co-operation_and_Development" class="mw-redirect" title="Organisation for Economic Co-operation and Development">Organisation for Economic Co-operation and Development</a>.<sup id="cite_ref-SwansonApr5_21-0" class="reference"><a href="#cite_note-SwansonApr5-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> This means the US receives tax and asset information for American assets and income abroad, but does not share information about what happens in the United States with other countries; in other words, the US has become attractive as a <a href="/wiki/Tax_haven" title="Tax haven">tax haven</a>.<sup id="cite_ref-BloombergDrucker_22-0" class="reference"><a href="#cite_note-BloombergDrucker-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panama_as_a_tax_haven&action=edit&section=7" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/United_States_as_a_tax_haven" title="United States as a tax haven">United States as a tax haven</a></li> <li><a href="/wiki/Mossack_Fonseca" title="Mossack Fonseca">Mossack Fonseca</a></li> <li><a href="/wiki/Blairmore_Holdings" title="Blairmore Holdings">Blairmore Holdings</a></li> <li><a href="/wiki/Ireland_as_a_tax_haven" title="Ireland as a tax haven">Ireland as a tax haven</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panama_as_a_tax_haven&action=edit&section=8" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-Maverick-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-Maverick_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Maverick_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Maverick_1-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Maverick_1-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Maverick_1-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFMaverick2015" class="citation news cs1">Maverick, J. B. (September 30, 2015). <a rel="nofollow" class="external text" href="http://www.investopedia.com/ask/answers/093015/why-panama-considered-tax-haven.asp">"Why Is Panama Considered a Tax Haven?"</a>. <i>Investopedia</i><span class="reference-accessdate">. Retrieved <span class="nowrap">May 5,</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Investopedia&rft.atitle=Why+Is+Panama+Considered+a+Tax+Haven%3F&rft.date=2015-09-30&rft.aulast=Maverick&rft.aufirst=J.+B.&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fask%2Fanswers%2F093015%2Fwhy-panama-considered-tax-haven.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></span> </li> <li id="cite_note-PanamaTJN-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-PanamaTJN_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-PanamaTJN_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-PanamaTJN_2-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-PanamaTJN_2-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.taxjustice.net/2016/03/30/panama-the-making-of-a-tax-haven-and-rogue-state/">"Panama: the making of a tax haven and rogue state"</a>. <i>Tax Justice Network</i>. March 30, 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">April 7,</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Tax+Justice+Network&rft.atitle=Panama%3A+the+making+of+a+tax+haven+and+rogue+state&rft.date=2016-03-30&rft_id=http%3A%2F%2Fwww.taxjustice.net%2F2016%2F03%2F30%2Fpanama-the-making-of-a-tax-haven-and-rogue-state%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></span> </li> <li id="cite_note-Silverstein-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-Silverstein_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Silverstein_3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSilverstein2014" class="citation news cs1">Silverstein, Ken (December 3, 2014). <a rel="nofollow" class="external text" href="https://www.vice.com/en_uk/read/evil-llc-0000524-v21n12">"The Law Firm That Works with Oligarchs, Money Launderers, and Dictators"</a>. <i>VICE</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=VICE&rft.atitle=The+Law+Firm+That+Works+with+Oligarchs%2C+Money+Launderers%2C+and+Dictators&rft.date=2014-12-03&rft.aulast=Silverstein&rft.aufirst=Ken&rft_id=https%3A%2F%2Fwww.vice.com%2Fen_uk%2Fread%2Fevil-llc-0000524-v21n12&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.history.com/this-day-in-history/panama-declares-independence">"Panama declares independence from Colombia"</a>. <i><a href="/wiki/History_(American_TV_network)" class="mw-redirect" title="History (American TV network)">History</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=History&rft.atitle=Panama+declares+independence+from+Colombia&rft_id=https%3A%2F%2Fwww.history.com%2Fthis-day-in-history%2Fpanama-declares-independence&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></span> </li> <li id="cite_note-Diaz-Espino2014-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-Diaz-Espino2014_5-0">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOvidio_Diaz-Espino2014" class="citation book cs1">Ovidio Diaz-Espino (1 August 2014). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=KoMvBAAAQBAJ&pg=PT120"><i>How Wall Street Created a Nation: J.P. Morgan, Teddy Roosevelt, and the Panama Canal</i></a>. Primedia E-launch LLC. p. 120. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-9905521-2-3" title="Special:BookSources/978-0-9905521-2-3"><bdi>978-0-9905521-2-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=How+Wall+Street+Created+a+Nation%3A+J.P.+Morgan%2C+Teddy+Roosevelt%2C+and+the+Panama+Canal&rft.pages=120&rft.pub=Primedia+E-launch+LLC&rft.date=2014-08-01&rft.isbn=978-0-9905521-2-3&rft.au=Ovidio+Diaz-Espino&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DKoMvBAAAQBAJ%26pg%3DPT120&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://history.state.gov/milestones/1977-1980/panama-canal">"Milestones: 1977–1980 - Office of the Historian"</a>. <i>history.state.gov</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=history.state.gov&rft.atitle=Milestones%3A+1977%E2%80%931980+-+Office+of+the+Historian&rft_id=https%3A%2F%2Fhistory.state.gov%2Fmilestones%2F1977-1980%2Fpanama-canal&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGuttorm_SchjelderupArmando_Pires2016" class="citation magazine cs1">Guttorm Schjelderup; Armando Pires (April 12, 2016). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160813061337/https://www.nhh.no/en/research/research-news/article-archive/2016/april/how-panama-became-a-tax-haven/">"How Panama Became a Tax Haven"</a>. <i><a href="/wiki/Foreign_Affairs" title="Foreign Affairs">Foreign Affairs</a></i>. 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Retrieved <span class="nowrap">July 3,</span> 2016</span> – via nnh.no.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Foreign+Affairs&rft.atitle=How+Panama+Became+a+Tax+Haven&rft.date=2016-04-12&rft.au=Guttorm+Schjelderup&rft.au=Armando+Pires&rft_id=https%3A%2F%2Fwww.nhh.no%2Fen%2Fresearch%2Fresearch-news%2Farticle-archive%2F2016%2Fapril%2Fhow-panama-became-a-tax-haven%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></span> </li> <li id="cite_note-Armando_Jose_Garcia_Pires-8"><span class="mw-cite-backlink">^ <a href="#cite_ref-Armando_Jose_Garcia_Pires_8-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Armando_Jose_Garcia_Pires_8-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArmando_Jose_Garcia_Pires" class="citation journal cs1">Armando Jose Garcia Pires. <a rel="nofollow" class="external text" href="http://www.snf.no/Files/Filer/Publications/A31_13.pdf">"31/13 Working Paper: The business model of The British Virgin Islands and Panama"</a> <span class="cs1-format">(PDF)</span>. <i>Institute for Research in Economics and Business Administration</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Institute+for+Research+in+Economics+and+Business+Administration&rft.atitle=31%2F13+Working+Paper%3A+The+business+model+of+The+British+Virgin+Islands+and+Panama&rft.au=Armando+Jose+Garcia+Pires&rft_id=http%3A%2F%2Fwww.snf.no%2FFiles%2FFiler%2FPublications%2FA31_13.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></span> </li> <li id="cite_note-BBC1-9"><span class="mw-cite-backlink">^ <a href="#cite_ref-BBC1_9-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-BBC1_9-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-BBC1_9-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-BBC1_9-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-BBC1_9-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-BBC1_9-5"><sup><i><b>f</b></i></sup></a></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.co.uk/news/world-latin-america-35967590">"Panama Papers: How did Panama become a tax haven?"</a>. <i>BBC News</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=Panama+Papers%3A+How+did+Panama+become+a+tax+haven%3F&rft_id=https%3A%2F%2Fwww.bbc.co.uk%2Fnews%2Fworld-latin-america-35967590&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">Panama as a jurisdiction which does not cooperate with international tax transparency initiatives: <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/scr/2014/cr1455.pdf">"Panama: Report on Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism"</a> <span class="cs1-format">(PDF)</span> (PDF). International Monetary Fund.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Panama%3A+Report+on+Observance+of+Standards+and+Codes%E2%80%94FATF+Recommendations+for+Anti-Money+Laundering+and+Combating+the+Financing+of+Terrorism&rft.pub=International+Monetary+Fund&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Fscr%2F2014%2Fcr1455.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://2009-2017.state.gov/e/eb/rls/othr/ics/2013/204711.htm">"2013 Investment Climate Statement – Panama"</a>. <a href="/wiki/United_States_Department_of_State" title="United States Department of State">United States Department of State</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=2013+Investment+Climate+Statement+%E2%80%93+Panama&rft.pub=United+States+Department+of+State&rft_id=https%3A%2F%2F2009-2017.state.gov%2Fe%2Feb%2Frls%2Fothr%2Fics%2F2013%2F204711.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://taxinsights.ey.com/archive/archive-news/panama-and-oecd--sanctionatory-measures-against-panama-expected-from-october-2015.aspx">"Panama and OECD: Sanctionatory measures against Panama expected from October 2015"</a>. <i>taxinsights.ey.com</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=taxinsights.ey.com&rft.atitle=Panama+and+OECD%3A+Sanctionatory+measures+against+Panama+expected+from+October+2015&rft_id=http%3A%2F%2Ftaxinsights.ey.com%2Farchive%2Farchive-news%2Fpanama-and-oecd--sanctionatory-measures-against-panama-expected-from-october-2015.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></li></ul> </span></li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.taxjustice.net/2016/04/04/15473/">"The Panama Papers: the enablers of financial secrecy know what they are doing"</a>. <i>Tax Justice Network</i>. 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Retrieved <span class="nowrap">April 23,</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg+Businessweek&rft.atitle=The+World%27s+Favorite+New+Tax+Haven+Is+the+United+States&rft.date=2016-01-27&rft.aulast=Drucker&rft.aufirst=Jesse&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2016-01-27%2Fthe-world-s-favorite-new-tax-haven-is-the-united-states&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanama+as+a+tax+haven" class="Z3988"></span></span> </li> </ol></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Panama_as_a_tax_haven&oldid=1223025790">https://en.wikipedia.org/w/index.php?title=Panama_as_a_tax_haven&oldid=1223025790</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Economy_of_Panama" title="Category:Economy of Panama">Economy of Panama</a></li><li><a href="/wiki/Category:Money_laundering" title="Category:Money laundering">Money laundering</a></li><li><a href="/wiki/Category:Offshore_finance" title="Category:Offshore finance">Offshore finance</a></li><li><a href="/wiki/Category:Banking_legislation" title="Category:Banking legislation">Banking legislation</a></li><li><a href="/wiki/Category:Tax_avoidance" title="Category:Tax avoidance">Tax avoidance</a></li><li><a href="/wiki/Category:Whistleblowing" title="Category:Whistleblowing">Whistleblowing</a></li><li><a href="/wiki/Category:International_taxation" title="Category:International taxation">International taxation</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_matches_Wikidata" title="Category:Short description matches Wikidata">Short description matches Wikidata</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 9 May 2024, at 12:24<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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