The United States and Panama signed a trade promotion agreement, sometimes called a Free Trade Agreement (FTA), on June 28, 2007. Panama approved the TPA on July 11, 2007. The TPA was signed into law in the United States on October 21, 2011.U.S.-Panama FTA is a comprehensive free trade agreement that can result in…
Panama and France have agreed on a treaty to avoid double taxation. Deputy foreign Minister Frank de Lima closed the deal last week during his visit to Paris.The treaty could be signed in September, when Vice President and Foreign Minister Juan Carlos Varela is expected to make a trip to the European country, he…
As accountants know, for every debit there is a credit. The IRS found out about this axiom and the loophole it created. The “debit” is the basis in property when acquired by a related taxpayer under the basis rules of section 362.Effective June 24, 2011, they provide a new tax law on determining…