Panama's wage earners given new tax breaks
Tax breaks unveiled as part of Panama's new program to help consumers will come into effect in the first fortnight of next month, Deputy Finance Minister Gisela Porras said.
Thursday, May 29, 2008
The breaks will add about US$30 to the take-home pay of people earning US$800 to US$1,000 a month and bigger discounts are to be added next year.
Interest earned on capital invested abroad will not accrue income tax.
From 1st January reforms to the current income tax have come into force, affecting declarations filed in 2013, which correspond to 2012 revenues.
Among other measures, the bill proposed by the government examines establishing regimes for income tax and eliminating accreditation for VAT returns, a method that has encouraged evasion.
Given the failure of the monthly payment system, income tax payments will be made in three installments a year and will be calculated using estimates.
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