Taxes Reduced for SMEs in Panama

The 75% reduction of the flat rate will be applied to micro- and small-businesses that invoice less than $500,000 per year.

Tuesday, June 16, 2009

This measure will be enacted by President-elect Ricardo Martinelli in his first 100 days in government, and it entails applying tiered discounts of up to 75% of the flat rate paid by businesses that invoice less than $500,000 annually.

Currently, micro- and small-businesses pay a flat rate of $300 per year. With the proposed discounts, micro-businesses would pay $75 per year and small-businesses that invoice up to $500,000 would pay $150 per year.

According to Laestrella.com.pa, "the president of the National Union of Small- and Medium-Sized Businesses (Unpyme), Ramón Arroyave, expressed that the drop in the flat rate is an 'insufficient but welcomed measure.'"

More on this topic

10,300 New SMEs in Panama

August 2010

In the first seven months of the year 10,292 new micro, small and medium-sized enterprises (MSMEs) were registered, 126% more than in 2009.

Records held by the Panamanian MSME Authority (AMPyME in Spanish) show that most of the new companies were in the exports, services and agriculture sectors.

Up to $1.000 in Seed Funding for SMEs

November 2009

In addition to non-reimbursable funds, Panamanian entrepreneurs will receive technical assistance for elaborating business plans.

Congress is discussing Law 35, which comprises the creation of the Entrepreneurship Fostering Fund. This includes a Seed Capital trust fund, and resources for Technical Assistance, Guarantees and Micro-credit.

Panama Passes New MSMEs Law

November 2009

Micro, Small and Medium Enterprises will have easier access to credit with the new law.

Giselle de Calcagno, head of AMYPYME (Micro, Small and Medium Enteprises Authority), stated that "the project will foster the creation of a micro credit banking industry. The idea is for the state to invest in a second tier banking fund, so entrepreneurs have easier access to credit", reported Laestrella.com.pa.

$50 Million for Small and Medium Panamanian Companies

July 2009

The Panamanian government is allocating this amount to the development of micro and small businesses involving 546,412 establishments on the national level.

Giselle Calcagno, Minster of the Micro, Small, and Medium Business Authority (AMPYME, acronym in Spanish) commented that the fund is designated for seed capital, micro-credit, collateral funds, and for technical training and assistance.

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