What’s New
President-elect Donald Trump has started a quarrel with Panama over the fees it’s charging American ships to use the Panama Canal, while the Trump Organization is fighting a court case over taxes in the central American country.
What to Know
In June 2019, the owners of a Panama City hotel that was managed by Trump’s businesses, and carried the Trump brand, accused two companies, Trump Panama Hotel Management LLC and and Trump International Hotels Management LLC, of not paying taxes on their Panamanian earnings.
In a filing to the U.S. district court in New York, private equity manager Orestes Fintiklis and his company, Ithaca Capital Partners, alleged that the Trump businesses failed to pay 12.5% taxes on the millions of dollars they earned from managing the Panama City hotel. They also alleged that the Trump units failed to correctly report the number of people the hotel employed so that he could avoid Panamanian …