Colón Free Port Rents could Rise
$1 a month per square meter is charged today for space in the free port known as ZLC, but the government of Panama wants to raise the price.
Wednesday, July 29, 2009
The government wants rents in the ZLC to match market prices, "for these companies to make a larger contribution to the National Treasury".
Users of the Colon Free Zone in Panama are no longer required to purchase the lot which they currently lease and if they choose to continue renting the amount charged in the first five years can not exceed 10% per year of what they currently pay.
After repealing the law allowing the sale of land, the government is intending to put up rental prices.
Even though last year the rents paid by users of the Colon Free Zone (ZLC in Spanish) rose by 20%, President Martinelli has said that they pay very little in relation to their earnings.
Users of the Colón Free Port (ZLC) in Panama consider the proposed tax reform would "have dire consequences".
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