Panama: Improvements to Free Zones Law

An initiative from the panamanian private sector seeks to simplify the law, providing investment incentives for a period of not less than 10 years and expediting the approval of operating licenses.

Tuesday, January 20, 2015

Other proposals covered in this law reform include the creation of the National Council of Free Zones, the aim of which is to be the sole supervisor of the sector. In addition, in order to improve the competitiveness of the free zones in the country, the private sector and the association of EPZs are seeking to implement measures to better compete with the laws, incentives, accessibility, and legal certainty in other zones in the region.

Aida Michelle Ureña de Maduro, general manager of Panexport, a free zone, told Martesfinanciero.com that "... Along with the enactment of a framework law, there must be clarity on the promotion of these areas of development and formation of a permanent national plan and not merely a product of an opportune moment of the government in power. The focus of the free zones should be the subject of the state and long-term interest should be maintained. Movement of goods between the free zones should be provided for and it should be controlled in order to prevent diversion, but there should be no obstacles placed in the way or additional costs. "

Emilio Oro Blake, managing director of the Export Processing Zone at Albrook, added "... It is essential to establish a customs regime that is consistent with the activities in these zones. We hope that Panama offers equal or better conditions than neighboring countries and prevents the drain of investments going to other nations. "

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