Abstract
Significance This marks another step towards Panama’s long-standing aim of strengthening its fiscal framework and countering its reputation as a tax haven. While the law will bring some improvements, much of Panama’s fiscal framework remains opaque. This will continue to pose reputational risks for investors and financiers. Impacts The fiscal reform will have knock-on effects for businesses in terms of updating taxation and regulatory procedures. Ongoing analysis of the Pandora Papers could reveal further links to Panama’s corporate financing and, potentially, public figures. A push to improve fiscal transparency could hit financial sector revenues in the short term, as investors move to other jurisdictions.
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