Panama: New Tariffs Against Colombia In Effect

Import tariffs on flowers will rise from 15% to 30%, those on cement clinkers from 0% to 30%, and import duties of clothing will go from between 10% and 15% to 30%.

Tuesday, August 16, 2016

The increase in tariffs comes on top of a 7% payment on account of the Tax on the Transfer of Goods, Furniture and Services (ITBMS) in the case of cement clinkers and clothing. See decree published in the official newspaper La Gaceta.(In Spanish) reports that "...The Panamanian Colombian Chamber of Commerce is concerned about the consequences of the entry into force of this decree. Eduardo Cristo, union president noted that in the Board meeting an agreement was made to hold a meeting with Colombian businessmen who are affected by the tariff measures that Panama has adopted, in order to seek alternatives and mediate with their respective governments. "

"Colombian exports in general were 35 billion dollars last year and only 2.55% of them came to Panama, therefore various sectors indicate that the tariff measure will not have much effect," he said.

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