Panama: Promotion Certificates Not Used

Six months after the Industrial Promotion Law was approved, no companies have requested this document.

Monday, August 2, 2010

Investments in machinary, personnel and process development are eligible for the Industrial Promotion Certificates (CFIs in Spanish), which are requested from the Panamanian Ministry for Trade and Industry, in order to receive up to a 35% refund on the expenditure.

"When the initiative was presented in 2009, it raised expectations in the manufacturing sector but companies report disinformation and delays from the National Industrial Policy Council (Conapi), the organization responsible for approving CFI requests," writes Prensa.com.

More on this topic

Industrial Promotion Law Comes Into Effect

February 2010

Panamanian industrial companies can now deduct up to 35% in taxes by using Industrial Promotion Certificates (CFI).

Companies who invest in machinery, staff and process development will be entitled to a 35% refund, by requesting Certificates of Industry Promotion from the Industry Ministry.

Panama Approves Industry Promotion Law

October 2009

The presidential cabinet approved a law project to foster and develop national industry.

With the law, incentives will be awarded to companies through certificates of industrial promotion, or CFI in Spanish.

"Agro-industrial companies investing in expanding their production will be entitled to a 35% refund of any disbursements made in said activities. Other industries will be entitled to 25%", reports Prensa.com.

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