Convention tourism attracted 53,804 foreign visitors to Panama last year.
Aida Quijana, president of the Conventions Bureau, said it was important for Panama to follow Costa Rica's lead by allowing US companies to deduct convention expenses from their tax obligations.
Making the distinction between the classifications of exemptions is necessary because associations, foundations and other entities are required to be fiscally solvent in order to keep their status as an exempt entity.
From an Article by Oscar Chile Monroy:
There are several classifications for tax exemptions.
Employers indicate that investments are being delayed while they are awaiting response to requests for exemptions made to the Commission of the Executive.
According to representatives from the Honduran Council of Private Enterprise (Cohep), about 700 companies records have been retained pending a special commission to determine whether or not to provide tax breaks to those who request it.
Changes have been proposed to the tax code to stimulate the housing market through mutual funds.
From a report by the Cabinet of the Presidency of Panama:
The Cabinet has given the green light to a Bill amending Paragraph 2 of Article 706 of the Tax Code, which establishes a tax incentive for real estate investment companies and authorizes the Minister of Economy and Finance, through a Cabinet Resolution to submit the rule to the National Assembly, which aims to modify the special tax treatment of real estate investment companies, specified in the said Paragraph of the article in question, as added by section 18 of Act 8 2010.
Seeking to overcome the collapse in public finances, a bill proposes the elimination of 70% of the tax exemptions granted by the state.
The chairman of the Commission for the Review of Exonerations and Tax Exemptions, Marco Ramiro Lobo, announced that it will present a report to the Government on the management of tax exemptions in the country and they will also submit a bill on exemptions to be sent to the National Congress (NC).
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