Incentives for Recycling Companies

In Panama, a bill that establishes exemptions for those natural and legal persons specialized in the operation of industrial recycling plants was approved in the third debate.

Friday, April 16, 2021

The purpose of this new regulatory framework is to stimulate with environmental tax benefits the establishment of recycling companies, which do not exist in Panama, seen as an ideal process to end the problem of garbage accumulation in the country, informed the National Assembly.

Considering that there is a commitment to legislate for the environment, the plenary session made viable, in third debate, Bill # 537, which establishes environmental incentives, proposed by Congressman Edison Broce, according to the official press release.

Bill 537 establishes exonerations for those natural and juridical persons specialized in the operation of industrial recycling plants, as a mechanism to solve the garbage problem in Panama, the document highlights.

Broce added that "... when the regulation materializes, it will generate millions of dollars, jobs, investment and training for thousands of Panamanians in such difficult times where unemployment is very high. At present there are no garbage recycling companies in Panama. It is necessary to differentiate between a collection center for recyclable material and a recycling industry, whose job is to transform the disposable into new products."

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