Panama: Tax Reform Softened

The law project, currently discussed in Congress, had 11 articles modified and 2 new added.

Wednesday, September 9, 2009

Payment by companies operating in the Colón Free Zone was reduced to 5% from the original 10%, among other modifications.

"Likewise, the notification tax to be paid by free zone companies will be 1% of their net capital, with a minimum of $100 and a maximum of $50.000. In the original project, it was 2% with a $60.000 maximum", reported

More on this topic

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. 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.

Costa Rica: Taxes to Free Zones

September 2011

The Executive and Ministry of Commerce are clashing over the collection of taxes from 2015 from companies in free zones or industrial parks, included in the tax reform bill.

The new regulations are included in the proposed fiscal reform presented by the government to the Legislative Assembly.

Political Agreement on Tax Reform in Costa Rica

September 2011

The items to be introduced are: global income, world income, and municipal taxation on dividends distributed to companies operating in free zones.

The Chinchilla administration has agreed to make changes to its tax package in order to gain the support of the main opposition party for approval.

Panama: Tax Reform Arrives at Assembly

August 2009

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

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

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