Panama: Incentives for Updating Property Value

Property tax would decrease from 2% to 1% for those who willingly update the value of their properties in the civil registry.

Wednesday, July 22, 2009

With these modifications to property taxes, the government of Panama is looking for taxpayers to update the value of their lots and properties, in order to increase collection. With the modifications, an estimated $250 million could be collected, up from the $80 million being collected now.

"A rule from Law 6 from 2005 will be mantained in this project: those who willingly update the registered value of their property will pay a preferential 1% tax rate. The current rate is 2%", published Prensa.com. "Expert Osvaldo Lau gives a positive evaluation fo the measures. The 2% real estate property tax 'is the highest of the region, we will be more competitive with the 1% tax incentive'".

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