New Business Model for the CFZ

A bill seeks to revive business activity in the Colon Free Zone, allowing for, among other things, purchases to be made via the web.

Thursday, February 19, 2015

The main objective of the Ministry of Commerce and Industry of Panama is to modernize the way business is done in the Colon Free Zone and reinvigorate trade with measures that will facilitate "... tourists making retail purchases in the 16 streets of the city with the same tax benefits of the free zone. "

The president of the Association of Users of the Free Zone, Luis Germán Gómez, told that "... This is an urgent project, which seeks to strengthen the position of the CFZ as an emporium, because we have been left with a law which is between 64 and 65 years old. This project aims to adapt the business model of the Colon Free Zone to the realities of today. "

"... In the area of ​​electronic commerce, the idea is for Colon Free Zone customers to be able to shop via a website using credit cards. As for the procedures, the standard includes the creation of a single interface that would allow users to streamline paperwork. "

More on this topic

More Companies Leaving Colon Free Zone

February 2016

The lack of tax incentives has led to 55 companies leaving the free zone in January 2016, on top of the 125 who ceased operations last year.

In total, from 2015 to now, about 180 companies requested the removal of their key operations in order to cease doing business in the Colon Free Zone (CFZ), according to the Association of Users of the CFZ.

New Law for Colon Free Zone

November 2014

The draft version of a new law for the CFZ establishes a tax treatment equal to that in other free zones.

The draft law has already been agreed by business associations, and is about to be taken to the Cabinet and then to the National Assembly.

Luis Germán Gómez president of the Association of Users of Colon told that "...

Colombia Extends Additional Tariffs for CFZ

January 2014

The imposition of tariffs on imports of shoes and clothing from the Colon Free Zone has been extended until March 2016.

The Colombian government announced that it will extend, for two more years, the measure which partially amended the Customs Tariff duties on imports of apparel and footwear, a ruling which affects the activities of re-exports from the Colon Free Zone (CFZ), according to customers of the free zone area.

Colon Free Zone and FTAs

November 2013

The trade agreements signed by Panama with several nations could serve as a platform for new business for the CFZ.

The CFZ wants make a u turn in the way it does business but to do so it must make adjustments so that it not only receives goods but also gives them an added value.