miércoles, 25 de mayo de 2016

Panama re-added to list of noncooperative jurisdictions in France

On 8 April 2016, the French tax authorities reclassified Panama as a “noncooperative” country for purposes of France’s list of noncooperative states or territories (NCSTs). Panama was removed from the list in 2012 following the conclusion of a tax treaty with France, but has been added back to the list as from 1 January 2016 because France did not consider that the exchange of information provision in the treaty was operating as it should.
An NCST is a jurisdiction that is not an EU member state and has not concluded a treaty with France (or with at least 12 other jurisdictions) that includes an administrative assistance provision regarding tax matters. A jurisdiction that has signed such an agreement with France still may be considered an NCST if the treaty is not ratified or if the administrative assistance provision is not effectively applied by the other contracting state.
Inclusion on the NCST list means that dividends, interest and royalties paid out of France to the NCST jurisdiction will be subject to a 75% withholding tax, and dividends received from entities located in the NCST jurisdiction and capital gains on the disposal of shares in companies located in the NCST jurisdiction may not benefit from the French participation exemption. (However, as provided in the amended finance law for 2015, the participation exemption for dividends will apply if the French recipient company can demonstrate that the distributing entity carries on real activities and that the location of the entity does not aim at, or result in, the entity benefiting from a favorable tax regime in the NCST.) The measures increasing the tax burden on payments from/to NCSTs will apply with respect to payments between France and Panama as from 1 January 2017.
The French government publishes the list of NCSTs on an annual basis. The list now includes seven jurisdictions: Botswana, Brunei, Guatemala, Marshall Islands, Nauru, Niue and Panama.
Source: Deloitte

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