Tax Reform Proposal in Panama

Lawyers, economists and tax specialists discuss this proposal, focused on the adoption of a "flat tax" to replace the current tax system.

Monday, February 23, 2009

The proposal was initiated by Ricardo Martinelli, the presidential candidate that leads public opinion surveys regarding voting preferences, and, according to what was reported by Marianela Palacios in an article in Prensa.com, “[this proposal] implies a reduced ISR rate for the businesses of a current 30% rate to 10% or 15%, limits deductions and eliminates a series of subsidies and fiscal exonerations, even those banking-related."

While some applaud the idea, qualified opinions against these changes have already been raised, forewarning against possible negative consequences on investment received by the country.

More on this topic

Costa Rica: Banks Facing Tax Reform

April 2015

In its comments on the bill on income tax and sales reforms currently under public consultation, a request has been made that financial institutions be subject to a system of global and not published income.

From a statement issued by the Costa Rican Banking Association (ABC):

Costa Rica: Minister Calls for Tax Rise

October 2014

The Vice President and the Minister of Finance have insisted that the Assembly adopt a draft law to establish global income and convert the sales tax into value added tax.

This December is the date set for the plan to convert to sales tax into value added tax (VAT) and for the first quarter of 2015, the bill on global income. Also in 2015 a draft law will be submitted on the Framework Law on Exemptions.

Costa Rica Announces Fiscal Reform Project

December 2010

The project which will be presented to the National Assembly includes a Value Added Tax (VAT) of 15%.

This tax will replace the current sales tax.

The project was presented by the Finance Minister, Fernando Herrero, during an event at the Attorney Bar Association.

With regards to the VAT, the minister added that it is of special concern "...

Tax Reforms in Central America

December 2009

2010 will be a difficult year for the region's Treasuries, and tax reforms will be one of the weapons used by governments to fight this crisis.

Nicaragua has recently passed a highly controversial fiscal reform. Panama approved tax hikes for companies in the Colón Free Zone, as well as tobacco, casinos and insurance companies.

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