The Panamanian government reaffirms its commitment to be removed from the gray lists by 2026

Foreign Minister Javier Martínez-Acha stated that “Panama will not serve as a haven for any kind of illicit funds; we cooperate with all jurisdictions.”

The Panamanian government will continue its efforts to remove the country from the gray lists. In this regard, Foreign Minister Javier Martínez-Acha reiterated that the country is not a tax haven and noted that, to this end, it is complying with many of the obligations set forth by the Organization for Economic Cooperation and Development (OECD).

Panama is making progress on fiscal transparency

“We want to make as much progress as possible and for the next administration to continue the work. I believe we will be able to get off the list by 2026,” the foreign minister stated.

Martínez-Acha outlined the government’s priorities during the Second International Taxation Congress, a high-level forum that brought together international tax authorities, academics, regulators, and financial leaders.

The meeting analyzed the challenges, principles, and trends shaping global tax policy in a context defined by geopolitics, the digital economy, and growing international fragmentation. Notable participants on the first day included representatives from the U.S. IRS, the IDB, the CIAT, and experts in international taxation.

Martínez-Acha emphasized that multilateral cooperation “is no longer an option; it is a necessity,” and noted that tax systems and diplomacy face unprecedented challenges, but also opportunities to strengthen the country’s tax integrity and competitiveness. He stressed that Panama is not a tax haven. “Panama will not be a haven for any kind of dirty money; we cooperate with all jurisdictions,” he reiterated.

Commitment to modernization

The foreign minister reiterated that Panama maintains a firm stance, in coordination with the Ministry of Economy and Finance (MEF) and other institutions, to meet the technical requirements of the OECD and the European Union. “These lists are unfair, but we must meet the standards in order to move forward as a country,” he emphasized.

The Panamanian government is confident that regulatory progress, international cooperation, and institutional strengthening will allow the country to regain global trust and definitively exit the tax watchlists by 2026.

For his part, José Luis Galíndez, president of the International Fiscal Association, Panama Chapter (IFA Panama), noted that the country is moving in the right direction to exit the European Union’s tax lists and improve its standing with the OECD. He highlighted, as key challenges, the strengthening of the tax administration, the review of special regimes, and the implementation of economic substance criteria.

Although the government has ruled out a broad tax reform, Galíndez argued that a comprehensive overhaul of the system could boost competitiveness and balance public finances.

Original Article