Panama: Tax Reform Arrives at Assembly

The Ministry of Economy and Finance introduced the tax reforms package to the National Assembly.

Friday, August 21, 2009


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Alberto Vallarino, Economy Ministry, assured they will maintain imports and reexports fiscal exemptions for Free Zone businesses.

He also added that "these reforms will mostly affect sectors not paying taxes, or those paying very little, like the Free Zone" reported Pa-digital.com.pa. "Lower income citizens will not be affected, like employees earning less than $900 and currently not paying income taxes...".



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How Taxation May Change in Costa Rica

October 2011

The political agreement reached between President Chinchilla and the opposing party Acción Ciudadana (Citizens Action) may ensure the speedy adoption of the tax package.

Elfinancierocr.com published an instructive analysis of the likely impact of the tax plan promoted by the government and currently under consideration in the Costa Rican Legislative Assembly, where it has been give a "fast track" status.

Panamanian Government Presents Tax Reform

February 2010

Alberto Vallarino, Finance Minister, is expected to present the tax reform today to the president’s cabinet.

The main objective of this project is to remove the Alternative Calculation for the Income Tax.

Newspaper La Estrella obtained a preliminary draft of the reform. It specifies that individuals earning up to $11.000 a year would be exempt from paying income tax, while those earning between $11.000 and $40.000 would pay 15%.

NO to Tax Improvisation

July 2012

Making changes in the middle of the year means that companies devote much of their limited financial resources to meeting tax requirements not included in their annual budget.

A statement of the Chamber of Commerce, Industries and Agriculture in Panama reads:

TAX CHANGES: A MESSAGE OF FISCAL IMPROVISATION

Fiscal Reform in Panama Before July 2009

June 2009

The proposed reforms to the law of fiscal responsibility will be put before the Assembly for their consideration and approval before July 1.

This is what the appointed minister of Economy and Finance, Alberto Vallarino, reported.

Alberto Vallarino reported to Prensa.com that “...these reforms maintain a relation to the world crisis and the Panamanian economy since the country is showing clear signs of deceleration."

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