Request to Simplify Property Tax

The private sector has requested that the debate on the bill to reform the tax code be suspended and changes made to the way property values are updated and the tax on them is calculated.

Wednesday, September 10, 2014

From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama:

PROPERTY TAX REQUIRES CONSENSUS

In the Chamber of Commerce, Industries and Agriculture of Panama, the same as other private-sector groups, we have respectfully requested suspension of the debate of Bill No. 43, "which amends articles of the Tax Code and other provisions" related to property tax.

The updating of the assessed value of real estate property, whose aim is to raise money through taxes on these properties, is a technical and sensitive issue, which we believe, because of the fact that it caused discomfort and confusion among the public earlier this year, requires extensive consultation, and comprehensive and deep analysis.

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