During the session of the 47th Forum on Pernicious Tax Practices, held in France by the Organization for Economic Cooperation and Development (OECD), this past month of September, the Panama Ship Registry was declared “Non Pernicious”.

The term “Non Pernicious”, refers to “absence of risks”, and “non damaging” to tax basis in other countries.

Panama’s Minister of Maritime Affairs, Jorge Barakat, stated that “ the OECD’s decision shows that the Panama International Ship Registry not only complies with international agreements regarding maritime affairs; but that it also respects tax regulatory frameworks at the international level, thus confirming its status of registry par excellence and as the number one globally”.