Where Tax Evasion is not a Crime - Into that Haven...

By Vijay Kumar

"TAX evasion is not a crime in our country as is a practice in many other countries as well.", said Multilateral Affairs Minister of Panama Maria Luisa Navarro in New Delhi yesterday.

"Panama is not a tax haven, our citizens and foreign nationals staying and doing business in Panama or buying and selling a house in our country have to pay income tax up to 35 per cent; Any income by a Panama national or foreigner from a business based in Panama has to pay income tax and also sales tax. But if the income of that particular firm is from outside Panama jurisdiction, then there is no income tax," she added.