ZLC Law: Good but Not Enough

After the announcement of the Bill that creates the Program for the Modernization of the Logistics Services Infrastructure in the Colon Free Zone in Panama, local businessmen believe that more attractive incentives should be sought.

Monday, May 10, 2021

Last April 28, the Assembly reported that the Minister of Commerce and Industries, Ramon Martinez presented to the plenary of the Legislative Body the bill that creates the Program for the Modernization of the Infrastructure of Logistics Services in the Colon Free Zone (ZLC), and introduces amendments to Law 8 of April 4, 2016.

Edwin Chen, president of the Asociacion de Usuarios de la de la de la de la de la ZLC (Auzlc), told Elcapitalfinanciero.com that the bill presented before the Assembly "... has fallen short, so more attractive incentives should be sought."

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We are grateful for the gesture and the intention, through its Minister of Commerce and Industries, Ramon Martinez, in presenting this proposal, but we still think that there is much more that can and should be done, said the Auzlc executive.

Chen specified that the project should focus on "... lowering operating costs (key, rates and rents), 'we must seek to extend more activities, even if these are not entitled to income tax exemption."

Legislative proposal 620 introduces to Law 8 of April 4, 2016, equalization with the incentives offered by the different special economic regimes within the Republic of Panama, highlights the text.

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