The tender documents for the construction of Line 2 of the Metro in Panama requests the companies to include project financing as an option.
Once bids have been submitted by the companies concerned, the Panama Metro Secretariat and the Ministry of Finance will evaluate the proposed financing conditions in each offer, looking for "the best possible interest rate".
The government has announced that it will stop the outsourcing of tax collections and reestablish it as a function of the Directorate General of Revenue.
The Minister of Economy and Finance, Dulcidio De La Guardia, also announced the elimination of the National Tax Authority, created in the previous administration, and the management and collection of taxes will go back into the hands of the General Revenue Department.
At the same time as increasing social spending and delaying the removal of the electricity subsidy, the Varela government has asked for a raise of the state's legal debt ceiling to $1.756 million.
The formal request to the National Assembly will be made by Dulcidio De La Guardia, Minister of Economy and Finance, who attributes the decision to request an adjustment to "...
The Ministry of Economy and Finance in Panama is considering bringing forward auctions of reverted lands in order to increase state revenues faster.
Minister Dulcidio de La Guardia proposed that the Administrative Unit of Reverted Properties (UABR) bring forward the sales in order to mitigate deficiencies in the state of public finances.
The Secretary General UABR, José Antonio Serracín told Panamaamerica.com.pa that "...At the end of August it is estimated that a a total of $7.1 million will have been auctioned. "
A bill proposed to the National Assembly aims to hire more companies to manage cases of tax arrears.
So far only one company is responsible for this service, engaged directly and exclusively to manage collections from legal and natural persons who are behind with tax payments. If the bill presented by the Ministry of Economy and Finance is successful, the government will open up the process for hiring companies.
The incoming Minister of Finance has announced that the tenders for the Chan II hydroelectric station and for Government City will be revised, as well as the policy for ethanol in gasoline.
In addition, adjustments will be made to the parity formula for calculating the price of fuel by eliminating barriers to imports of fuels and changes will be implemented in the modes and methods of payment in state projects.
The Panamanian government is proposing a series of amendments to the legislation in order to develop the market.
In order to foster the development of local markets, Panamanian authorities have decided to restrict the purchase and sale of Panamanian bonds by pension funds and insurers to the local market.
The change has generated controversy because some participants in the sector will be limited on transactions, while others will not see any major impact on the transactions currently being made in international markets.
Government revenue during January 2011 totaled $ 332.8 million, $ 37.6 million more than the same period of 2010.
Tax revenues reached $ 264.5 million, an increase of $ 52.5 million (24.8%) over January 2010.
Regarding indirect taxes, revenue was $ 169.5 million, a net increase of $ 52.8 million (45%) over the same month last year.
The highest growth compared to January 2010 was recorded in the Personal Property Tax and Services (ITBMS) and the selective consumption tax, said Finance Vice Minister Dulcidio De La Guardia.
Shipping companies are against a bill that will add a 1% tax to freight headed to or starting in Panama.
Gullermo Márquez, from the Maritime Chamber, stated that applying the Income Tax (ISR) on these freights, “could have a dramatic effect”, making imports and exports more expensive. He demanded the government to maintain the current levy.
An article in Prensa.com noted that the proposal does not tax goods passing through the country, which makes 95% of all the cargo arriving at Panamanian ports.
The tax reform bill includes the creation of a 'flat-tax' scheme, which would come into effect in 2010.
This tax will replace the Alternate Income Tax Calculation, lowering the tax burden for individuals and businessmen, argued Dulcidio De La Guardia, finance vice minister.
"According to tax experts, this system could lead to higher government revenue.
Plans for the new international airport will be completed in the next days. Its first stage will require an investment of $40 million.
This was reported by Leopoldo Benedetti, manager of the Colón Free Zone, when making a presentation to the Budget Commission of the Legislative Assembly.
Dulcidio De La Guardia, Finance Minister, had remarked that "...in the State Budget they included funds for expanding and rehabilitating the runway of airport Enrique A. Jiménez, which will become an international cargo and passenger terminal", reported Prensa.com.
$1 a month per square meter is charged today for space in the free port known as ZLC, but the government of Panama wants to raise the price.
The government wants rents in the ZLC to match market prices, "for these companies to make a larger contribution to the National Treasury".
"In a meeting held with users of the free port, Dulcidio De La Guardia, finance vice minister, said the businessmen are willing to find formulas to increase their tax contribution", reported Pa-digital.com.pa.
Between July 20 and 21, the Government of Panama would deliver the first Euro Certificates to agricultural exporters.
The Euro Bonds or Euro Certificates were created seven months ago, after the country was excluded from the EU's Generalized System of Preferences (SGP-Plus). They can be used by agricultural exporters to pay taxes and to request credit at banks, among others.
The traditionally high competitiveness of Panama as a financial center is being threatened by the pressures bearing down on it from multiple fronts.
The auditing firm KPMG is carrying out, under assignment by the Superintendent of Banks, an analysis of the competitiveness of the Panamanian banking center.
Changes are inevitable due to the pressure being exercised by the Organization for Economic Co-operation and Development (OECD) on Panama to cooperate in a transparent manner regarding the tax information of the transnational businesses based in the country. To avoid being considered a "tax haven" by the OECD, which would imply sanctions, Panama must change norms regarding banking secrecy.