Panama: Changes to Car Tax
As of March 1st taxes to vehicle circulation will come into effect.
Tuesday, January 4, 2011
The new tax was approved last December states that the amount to be paid would be determined by the value of vehicle at the time of registration.
A proposal has been made to raise the "Marchamo" (vehicle ownership tax) and selective consumption tax on vehicles in order to finance the construction of the modern train system which the Solis administration insists on implementing.
Used car importers argue that the Treasury is using the 2015 value of cars as a reference price when establishing the value of used vehicles.
Last January there were 3829 vehicle imports in Guatemala, 2,544 fewer than in the same month of 2012, in which 6,373 units were imported.
With COMIECO’s elimination of tariffs on vehicle imports, the First Registration Tax (Iprima in Spanish) on automobiles will be applied.
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