Euro Bonds to be Payed to Panamanian Exporters

Between July 20 and 21, the Government of Panama would deliver the first Euro Certificates to agricultural exporters.

Monday, July 13, 2009

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.

From Prensa.com, comments by Manuel Hernández, president of the Panamanian Exporters Consortium: "Up to last week, word was that some 40 euro certificates were ready to be refunded, and that this first delivery would be worth $80 thousand..". He also stated that those are reimbursements for money lost paying taxes to Europe, taxes that they didn't use to pay before.



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More on this topic

Panamanian Exporters Demand Payment of Eurobonds.

June 2009

To date, 100 requests have been made that represent about $300,000, but the government has not made any payments.

The eurocertification mechanism was implemented six months after the country was excluded from the Generalized System of Preferences (SGP-Plus) that is granted by the European Union.

Panamanian Euro-Certificates are Unused

May 2009

Agro-exporters are not using Euro-Certificate alternatives because they consider that the "procedure is complicated."

The president of the Panamanian Association of Exporters (APEX), Max Gallardo, said that delays in issuance and indirect costs cause many exporters to bear the cost of the loss of EU tariff preferences.

Euro-Certified Panamanian Entities

February 2009

More or less, these documents affect those that seek compensation for the losses incurred by exporters due to the tariff preferences of the EU.

Upon the Panamanian government not having completed on-time the necessary procedures for the renewal of the SGP Plus as established by Europe, Panamanian exporters lost this benefit and were left at a disadvantage against competitors from other countries who continue to enjoy those preferences. A proposed solution to compensate for the incurrred losses is the basis of the creation of this system.

Governments of Panama approves the Eurobond law

January 2009

The purpose of the law which creates the eurocertificates (eurobonds) is to compensate the loss of preferential tariffs with the European Union.

Prensa.com reports: The eurocertificates will function as tax bond certificates (CAT) as they will be used to pay taxes, and they can also be used to carry out the transfers that currently take place in the market.

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