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.

More on this topic

Global Income Still Tax Free in Costa Rica

June 2011

Interest earned on capital invested abroad will not accrue income tax.

The possibility of collecting this tax, as has been requested by some members of the opposition in Congress, will not become reality because it has not been considered in the tax reform presented by the government, and has even been dropped by the faction who originally made the request.

El Salvador and the Income Tax Reform

January 2012

From 1st January reforms to the current income tax have come into force, affecting declarations filed in 2013, which correspond to 2012 revenues.

Reporters Daniel Trujillo and Velasco Sury writing for the newspaper El Mundo, explain the main changes introduced by the reform.

Guatemala Puts Finishing Touches on Tax Reform

January 2012

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.

The new Guatemalan government has refined its proposed fiscal law reform, which includes proposals such as removing the accreditation of the VAT tax and setting different levels for the deduction of income tax.

Panama: Change in Income Tax Payments

July 2012

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.

According to an article in Prensa.com "With this move the government recognizes the failure of an unwieldy mechanism and that has not generated the expected revenues.

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