Exonerations and Taxes

The Panamanian private sector is concerned about the "change in the rules of the game" which will occur with the elimination of some exemptions in the bill that reduces property tax.

Friday, August 25, 2017

From a statement issued by the Chamber of Commerce, Industry and Agriculture:

Bill 509, which modifies articles of the Tax Code in matters of property taxes and dictates other provisions, although it offers important adjustments of the property tax rate, has generated a lot of debate, doubts and concern among citizens and the private sector.

We consider that the term "Tributary Family Heritage" to be confusing and may even be exclusive, therefore we suggest changing it to "principal residence of the natural person or the final beneficiary of a legal person", to ensure the benefit goes to the principal residence of any taxpayer. On the other hand, since exemptions have been eliminated, the proposed tax rates are very high. We have proposed applying a single rate for main residences and another one for other properties, be they housing or commercial premises.

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