Panama: More Incentives for Investment in Colón

The government plans to grant exemptions and other tax incentives to banks that finance investment projects in the Colón Puerto Libre commercial zone.

Thursday, August 31, 2017

The objective of the Ministry of Commerce and Industries is to facilitate commercial investments in Colón Puerto Libre, through the exemption of several taxes, for banks that grant loans to companies interested in settling in the duty-free zone. 

According to Laestrella.com.pa, the executive secretary of Colón Puerto Libre, María Vanessa Ford, explained that "... by way of example, if the market rate is 6% and the bank grants a loan at 4%, the two percentage points of difference will be recognized to the banks through tax credits, which are operating and being processed through the General Directorate of Revenues, which makes it very competitive to want to finance projects that are going to be done in the area."

"... To date, Colón Puerto Libre has fifteen licensed investments, including four stores, Panafoto, Vanidades, Super Audio and Super Video; seven other companies in the process of entering, as well as eight investment companies which are being processed by the DGI in order to receive the exoneration."

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More on this topic

Panama: Registration of Companies in Colon Free Port

December 2016

Those interested in taking part in the pilot project must be recorded in the ZLC in order to be able to set up in one of the 16 streets in the city of Colon where the special system is in effect.

The store Nevada, which sells health and beauty items, was the first to purchase a property in one of the 16 streets in which the special system will be in effect. According to Maria Vanessa Ford, executive secretary of the Colón Free Port (CPL by its initials in Spanish), an electronics company and another company dealing in clothing, cosmetics and perfume will be part of the system under a test environment.  

Colón Free Port

September 2016

Two companies have already registered in the system that allow operators in the Colon Free Zone to open subsidiaries for retail sales in the 16 blocks of the area undergoing a redevelopment process in the old town of Colon.

Companies wishing to apply to receive the benefits offered by Colón Free Port (CPL by its initials in Spanish) can now register as an infrastructure or commercial investor with legal advice to the Colon Free Zone (CFZ).

Panama: Colon Investment Incentives Come into Effect

August 2016

With the entry into force of the law firms operating in Colon Free Zone will be able to open a retail sales branch in the 16 streets which make up the ´Casco Antiguo' area.

In order to implement the law the Secretaría de Colón Puerto Libre was formed, which will execute the strategy and facilitate the process for companies wishing to benefit from the incentives created. 

Real Usefulness of Tax Incentives

May 2015

The problem with income tax exemptions is that they favor high-return projects that would probably have been made anyway.

From an IDB document entitled "The effectiveness of tax incentives: The case of export processing zones in Costa Rica, El Salvador and the Dominican Republic".

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