Panama to Approve Tax Reform in 2009

Among the main reforms that the tax system is looking to simplify is the elimination of alternative income tax calculation.

Tuesday, May 12, 2009

The new income tax rate that will be applied has yet to be defined.

Prensa.com reflected the statements of the new Economy and Finance Minister, Alberto Vallarino: "I am a believer in low taxes because they help in collection, especially in countries where we do not have a culture of paying taxes, which is a reality not only in Panama, but in every Latin American country."

More on this topic

Panama Tax Reform expected for Year-End

July 2009

According to Economy Minister Alberto Vallarino, the tax reform project will be ready between November and December.

The current administration is studying the removal of some levies and the new income tax rate.

"Some activities, like ports and casinos, will be charged more if the project is approved", reported newspaper La Prensa.

First Package of Tax Measures

May 2009

The future Salvadoran Finance Minister is analyzing the first economic measures by the incoming government along with his team.

The future Finance Minister, Carlos Cáceres, said during an interview with La Prensa Gráfica that the first steps to be taken will be the unification of the Customs Department’s information system.

Guatemala: Employers Criticize Tax Reform

February 2012

Representatives from business associations are calling for discussion on drafting a project than it differs from the current one, which was approved in the Finance Committee of Congress.

The president of the Chamber of Commerce of Guatemala (GCC), Jorge Briz said that "we disagree with the suggested tax reform."

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%.

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