Corozal to Have Same Exemptions As Other Ports

The Varela administration will be submitting a bill so that the company that wins the concession for the construction and operation of the port in Corozal can enjoy the same tax benefits as other port companies in Panama.

Wednesday, May 4, 2016

An article on Panamaamerica.com.pa reports that "... According to the administrator of the Panama Canal, Jorge Quijano, the National Assembly could be presented with the proposal in July, in an effort to provide the same incentives that ports enjoy today, to the company which wins the tender to build the port of Corozal. "

This level playing field among port operators is essential to maintain interest in bidding on the part of the companies that have been prequalified: APM Terminals BV (Holland); Terminal Link (France); PSA International Pte., Ltd. (Singapore), and Terminal Investment Limited, SA (Holland).

The request for proposals for the tender for the concession of the port in Corozal is under preparation and must still be approved by the Board of Directors of the Panama Canal Authority (ACP).

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More on this topic

PPC´s Case Against Puerto Corozal Rejected

November 2016

The Supreme Court has rejected the appeal over constitutional guarantees filed by Panama Ports Company against the tender process for the port.

The port company had argued on several occasions that there was no need to build the port in Corozal, for market reasons, an opinion which it began stating when the Panama Canal Authority announced the project. PPC filed a legal action a few months after that announcement.

Tender Announced for Port Corozal

September 2016

The ACP has approved the documents to tender in ten days a concession to one of the prequalified companies; PSA International Ltd, Terminal Link, Terminal Investments Limited and APM Terminals.

From a statement issued by the Panama Canal Authority:

Four Companies Shortlisted for Puerto Corozal

April 2016

APM Terminals BV, Terminal Link, PSA International Pte., Ltd. and Terminal Investment Limited, S.A. are the four port operators shortlisted to participate in the construction and operation of a container transshipment port in Corozal.

From a statement issued by the Panama Canal Authority:

Tax Exemptions for Port of Corozal Oeste

January 2015

A bill has been presented that would grant the company obtaining the concession to build and operate the container port in Corozal Oeste the same tax benefits as other port operators in Panama.

From a statement issued by the National Assembly of Panama:

A bill establishing similar tax exemptions as those in other ports will be offered by the Panama Canal Authority to the company granted the concession for the design, construction, development and operation of the port complex in Corozal Oeste, was presented to the full the National Assembly by the Minister for Canal Affairs, Roberto Roy.

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