Panamanian Government Presents Tax Reform

Alberto Vallarino, Finance Minister, is expected to present the tax reform today to the president’s cabinet.

Tuesday, February 2, 2010

The main objective of this project is to remove the Alternative Calculation for the Income Tax.

Newspaper La Estrella obtained a preliminary draft of the reform. It specifies that individuals earning up to $11.000 a year would be exempt from paying income tax, while those earning between $11.000 and $40.000 would pay 15%.

More on this topic

Progress in Arrangements for Tax Reform in Nicaragua

November 2012

Although the amount has not yet been established, it has already been agreed there will be a rise in the fixed rate for small taxpayers. reports that "There are two proposals on this issue planning for the current ceiling of 480,000 Cordobas ($20,000) per year to go up.

Guatemalan President Postpones Fiscal Reform

April 2011

The reason given is that, "political conditions are not right for presenting the tax reforms to congress".

Guatemalan president, Álvaro Colom, had announced that he would present a fiscal reform bill in the first quarter of this year. However, he has since said that political conditions are not favorable for going through with the reforms.

Panamanian Assembly Discusses Tax Reform

March 2010

The bill includes over 150 items, and will be presented today by the government to the Legislative Assembly.

The consultation period will start on March 4th.

“José Luis Varela, president of the National Assembly, explained that the congressmen will propose the inclusion of a trust fund to redirect a 2% increase in the ITBMS tax to funding bonds for universal scholarships and other education activities”, reported Carlos Anel Cordero for Panamá América.

Panama: Tax Reform Arrives at Assembly

August 2009

The Ministry of Economy and Finance introduced the tax reforms package to the National Assembly.

Alberto Vallarino, Economy Ministry, assured they will maintain imports and reexports fiscal exemptions for Free Zone businesses.

He also added that "these reforms will mostly affect sectors not paying taxes, or those paying very little, like the Free Zone" reported

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