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Panama, officially the Republic of Panama, is a transcontinental country in Central America and South America, bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean Sea to the north, and the Pacific Ocean to the south. Its capital and largest city is Panama City, whose metropolitan area is home to nearly half the country's 4 million people.
The economy of Panama is based mainly on the services sector, which accounts for nearly 80% of its GDP and accounts for most of its foreign income. Services include the Panama Canal, banking, commerce, the Colón Free Trade Zone, insurance, container ports, and flagship registry, medical and health and tourism. The country's industry includes manufacturing of aircraft spare parts, cement, drinks, adhesives and textiles. Additionally, exports from Panama include bananas, shrimp, sugar, coffee, and clothing. Panama's economy is fully dollarized, with the US dollar being legal tender in the country. Panama was the first foreign country to adopt the U.S. dollar as its legal currency (1903) after its secession from Colombia temporarily deprived it of a local currency. Panama is a high income economy with a history of low inflation.
The Panama Canal is an artificial 82 km (51 mi) waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean and divides North and South America. The canal cuts across the Isthmus of Panama and is a conduit for maritime trade. One of the largest and most difficult engineering projects ever undertaken, the Panama Canal shortcut greatly reduces the time for ships to travel between the Atlantic and Pacific oceans, enabling them to avoid the lengthy, hazardous Cape Horn route around the southernmost tip of South America via the Drake Passage or Strait of Magellan and the even less popular route through the Arctic Archipelago and the Bering Strait.
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and coins, while the treasury executes its circulation in the domestic fiscal system. The USDT collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes.
Panama City, also simply known as Panama, is the capital and largest city of Panama. It has an urban population of 880,691, with over 1.5 million in its metropolitan area. The city is located at the Pacific entrance of the Panama Canal, in the province of Panama. The city is the political and administrative center of the country, as well as a hub for banking and commerce.
The Director of Public Prosecutions (DPP) is the office or official charged with the prosecution of criminal offences in several criminal jurisdictions around the world. The title is used mainly in jurisdictions that are or have been members of the Commonwealth of Nations.
Ricardo Alberto Martinelli Berrocal is a Panamanian politician and businessman who was the 36th president of Panama from 2009 to 2014.
William John Hughes was an American politician and diplomat who served as a Democratic member of the U.S. House of Representatives from 1975 to 1995, representing New Jersey's Second Congressional District which includes major portions of the Jersey Shore and Pine Barrens, the cities of Vineland and Atlantic City, and the counties of Salem, Cumberland, Atlantic, Cape May and part of Gloucester. After retiring from Congress in 1995, Hughes was appointed by President Bill Clinton as United States Ambassador to Panama, a post he held until October, 1998 leading up to the historic turnover of the Panama Canal to Panamanian control.
A fiscal year is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally not the reporting period to align with the calendar year. Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees, are also levied on a fiscal year basis, but others are charged on an anniversary basis.
The Ministry of Finance is the Dutch Ministry responsible for economic policy, monetary policy, fiscal policy, tax policy, incomes policy, financial regulation, the government budget and the financial market. The Ministry was created in 1798 as the Department of Finance of the Batavian Republic. It became the Ministry of Finance in 1876. The Minister of Finance is the head of the Ministry and a member of the Cabinet of the Netherlands. The current Minister is Sigrid Kaag.
The Ministry of Treasury and Finance is a government ministry office of the Republic of Turkey, responsible for finance and tax affairs in Turkey. The current minister is Nureddin Nebati since December 2nd, 2021.
Water supply and sanitation in Panama is characterized by relatively high levels of access compared to other Latin American countries. However, challenges remain, especially in rural areas. Panama has a tropical climate and receives abundant rainfall, yet the country still suffers from limited water access and pollution. Intense El Niño periods, periodic droughts, reduce water availability. Multiple factors like urbanization, impacts of climate change, and economic development have decreased water resources. The high frequency of floods in recent years and the lack of corresponding measures resulted in tension among the local population. Rapid population growth in recent decades led to an unprecedented increase in freshwater demand. Regional inequality exists in water resources and water governance. An estimated 7.5-31% of Panama's population lives in isolated rural areas with minimal access to potable water and few sewage treatment facilities.
The Oklahoma Insurance Department (OID) is an agency of the state of Oklahoma under the Oklahoma Insurance Commissioner, a statewide elected official. The Oklahoma Insurance Department is responsible for supervising and regulating all insurance business in Oklahoma.
The Fiscal Information and Investigation Service is an agency of the government of the Netherlands responsible for investigating financial crimes. It is part of the Tax and Customs Administration, which itself falls under the responsibility of the Dutch Ministry of Finance.
The Customs Surveillance Service is a law enforcement agency of the Spanish Ministry of Finance, integrated in the Spanish Tax Agency. Its responsibilities include the investigation and prosecution of cases involving contraband, illegal drugs, financial evasion and violations, money laundering, surveillance for financial police purposes and the provision of judicial police services. Its activities can be compared in USA with agencies like the Drug Enforcement Administration, ATF, or some of the U.S. Customs and Border Protection
Ana Consuelo Duato Boix is a Spanish actress, who is best known of portraying Mercedes Fernández López in the television series Cuéntame cómo pasó.
The Panama Papers are 11.5 million leaked documents that were published beginning on April 3, 2016. The papers detail financial and attorney–client information for more than 214,488 offshore entities. The documents, some dating back to the 1970s, were created by, and taken from, former Panamanian offshore law firm and corporate service provider Mossack Fonseca.
The Republic of Panama is one of the oldest and best-known tax havens in the Caribbean, as well as one of the most established in the region. Panama has had a reputation for tax avoidance since the early 20th century, and Panama has been cited repeatedly in recent years as a jurisdiction which does not cooperate with international tax transparency initiatives.
The General Commissariat of Judiciary Police is an intelligence service within the National Police Corps of Spain responsible for the investigation of organized crime, economic and monetary crimes or cybercrime. CGPJ is also in charge of investigating drug trafficking, gambling control and collecting intelligence for the police corps.
Panama has a substantial financial services sector. The sector grew up providing trade finance for trade passing through the Panama Canal, and later evolved into money laundering for the drug trade under Manuel Noriega.
References
- ↑ Martinelli nombra a fiscal William Parodi como Fiscal de Cuentas by Deivis Eliecer Cerrud. laestrella.com.pa 2011. Retrieved 18 July 2011. (In Spanish)