That's a good question. Generally speaking, the purpose of a double taxation agreement is to reduce the tax barriers our companies face when they invest in other countries. The idea is to eliminate double taxation and to reduce the rates of withholding tax, which is payable on dividends, interest, and so on. However, since the agreement is bilateral, we consent to do the same thing and to reduce our withholding tax rates, among other things.
In this case, taxation in Panama is already extremely competitive. Its withholding tax rates are similar to what we would obtain by negotiating a double taxation agreement. For our part, the advantages are already there. Panama also has in place certain tax regimes through which companies can earn tax-free profits. We're not convinced that double taxation will make enough of a difference to justify a double taxation agreement with Panama.