Adjustments Prior to Tax Reform in Panama

The economy and finance ministry will present some tax adjustments, prior to the fiscal reform announced for years-end.

Tuesday, August 4, 2009

These adjustments include a modification in real estate taxes and tax increases for casinos and gambling houses.

"...this adjustment 'package' includes the withdrawal of the ITBMS exoneration for banking services commissions, a tax hike for tobacco companies...", reported an official government source to newspaper La Prensa.

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Panamanian Assembly Discusses Tax Reform

March 2010

The bill includes over 150 items, and will be presented today by the government to the Legislative Assembly.

The consultation period will start on March 4th.

“José Luis Varela, president of the National Assembly, explained that the congressmen will propose the inclusion of a trust fund to redirect a 2% increase in the ITBMS tax to funding bonds for universal scholarships and other education activities”, reported Carlos Anel Cordero for Panamá América.

Tax Reforms in Central America

December 2009

2010 will be a difficult year for the region's Treasuries, and tax reforms will be one of the weapons used by governments to fight this crisis.

Nicaragua has recently passed a highly controversial fiscal reform. Panama approved tax hikes for companies in the Colón Free Zone, as well as tobacco, casinos and insurance companies.

New Vehicle Tax in El Salvador

September 2009

One of the modifications to be introduced by the fiscal reform is a new tax when registering a vehicle.

The reform package includes 4 types of measures: tax, non-tax, adjustments in expenditure and complementary measures. With this new vehicle tax, authorities expect to collect $20 million a year.

Fiscal Reform in Panama Before July 2009

June 2009

The proposed reforms to the law of fiscal responsibility will be put before the Assembly for their consideration and approval before July 1.

This is what the appointed minister of Economy and Finance, Alberto Vallarino, reported.

Alberto Vallarino reported to that “...these reforms maintain a relation to the world crisis and the Panamanian economy since the country is showing clear signs of deceleration."

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