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
Alberto Vallarino, Economy Ministry, assured they will maintain imports and reexports fiscal exemptions for Free Zone businesses.
The political agreement reached between President Chinchilla and the opposing party Acción Ciudadana (Citizens Action) may ensure the speedy adoption of the tax package.
Alberto Vallarino, Finance Minister, is expected to present the tax reform today to the president’s cabinet.
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.
The proposed reforms to the law of fiscal responsibility will be put before the Assembly for their consideration and approval before July 1.
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