It will be applied retroactively from January 1st, explained Alberto Vallarino, Finance Ministry, who acknowledged that a number of homeowners paid more than 1%, due to a misunderstanding of the reform.

“Those who paid more will receive a credit, in the same way as we did with those who had paid the income tax with the rate in place before the tax reform”, reported Prensa.com.

Source: Prensa.com

More on this topic

Weak Demand for Horizontal Properties

September 2018

Between the first seven months of 2017 and the same period in 2018, the registration of new horizontal properties went down by 19% in Panama.

According to figures from the Comptroller General of the Republic, new horizontal properties registered during the period from January to July reached their highest level in 2017, when 9,083 were reported, 19% higher than the 7,373 registered this year.  

Panama: Doubts Over Horizontal Property Regime

April 2014

The Supreme Court has ruled that property built on state land granted in concession will not be applicable for the horizontal property regime.

An article in Prensa.com reports that "... The Supreme Court reiterated through a ruling what the Constitution says: public goods can not be subject to private appropriation.

Guatemala City Grows in Height

January 2013

During 2012 the construction of buildings dedicated to housing tripled in relation to 2011.

According to an article published by Elperiodico.com.gt, during 2012 the Territorial Control Directorate of the Municipality of Guatemala approved 12 projects in areas, 1, 9, 10, 11, 14, 15 and 16 for new buildings, mainly high rise apartments.

Panama: Horizontal Property Law Generates Controversy

April 2009

The project would allow developers who have unsold or unrented properties to pay lesser fees for maintenance costs.

The new law provides that said maintenance fees will be calculated using a different percentage than the rest of the owners, but it may not be lower than 20%.