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.
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.
Duty Free America and Attenza Duty Free have started operating the first premises in terminal 1 of Panama City airport.
Duty Free America (DFA) will be opening premises gradually until May, whenthe remodeling of all the premises will be completed. In regards toAttenza Duty Free, the authorities at Tocumen S.A.
Promotion of the Colon Free Port regime will intensify next year, with tax incentives being offered to companies that settle in the commercial zone located on the Caribbean coast of Panama.
The objective of the law that already allows companies to set up in the 16 streets of the city of Colon, exonerating themselves from the payment of certain taxes, is to reactivate an area which in recent years has failed to take off, despite being one of the main doors of entry and exit of cargo and people on board ships and cruise ships.
Authorities at the Panamanian airport announced that on October 30 and 31, the first three commercial premises of the new terminal, which is 75% complete, will be tendered.
Of the first three spaces to be tendered in Terminal 2, two will be used for sales of chocolates and one for watches.The tender documents are already available at a cost of $3,500, said Carlos Duboy, manager of Tocumen S.A.
The government plans to grant exemptions and other tax incentives to banks that finance investment projects in the Colón Puerto Libre commercial zone.
The objective of the Ministry of Commerce and Industries is to facilitate commercial investments in Colón Puerto Libre, through the exemption of several taxes, for banks that grant loans to companies interested in settling in the duty-free zone.
The US company Duty Free America has been awarded two of the three blocks of the commercial area in Terminal 1 of the Panamanian airport, and the third went to Attenza Duty Free, linked to Motta International.
At the beginning of Augustfour companies presented their proposalsin the tender to operate duty free commercial premises at Terminal 1 of Tocumen International Airport, but only two were selected.
From today, the process starts to tender commercial spaces in Terminal 1 of Panama City International Airport.
Among thecompanies that have expressed their interestto the administrators of Panama City airport are DFS, Duffry, Duty Free America, Heineman, DFAASS, Legarde, Penna and Flamingo.
The administrators of Panama City International Airport have started the process of putting out to tender 1,500 square meters of commercial spaces in terminal 1.
Through a print media publication in Panama, the management of Tocumen International Airport announced the start of aprocess to tenderduty free spaces in Terminal 1. The interested parties can acquire the tender documents from 19 May directly at Tocumen's offices.
A bill approved in its first debate aims to create a Special Free Trade Area within the perimeter of Puerto Armuelles and Paso Canoa, to facilitate the sale of tax free goods to tourists.
From a statement issued by from the National Assembly:
A bill has been approved in a first debate, which seeks to create a Special Free Trade Area within the perimeter of Puerto Armuelles and Paso Canoa, whose sole purpose is to promote the sale of tax free goods to tourists.
Those interested in taking part in the pilot project must be recorded in the ZLC in order to be able to set up in one of the 16 streets in the city of Colon where the special system is in effect.
The store Nevada, which sells health and beauty items, was the first to purchase a property in one of the 16 streets in which the special system will be in effect.According to Maria Vanessa Ford, executive secretary of the Colón Free Port (CPL by its initials in Spanish), an electronics company and another company dealing in clothing, cosmetics and perfume will be part of the system under a test environment.
The administrators of the international airport in Panama City announced that they will launch a tender in January for the business premises in Terminal 1.
Although the administration of Tocumen International Airport said on several occasions that they estimated holding the tender before the end of the year, especially after the problem which occurred with stores belonging to Wisa Group, they have now announced that it will be in January 2017 when the announcement is finally made.
Among the goods which will be able to be sold tax-free in the 16 streets in Colon are articles of clothing, footwear, jewelry, phones and watches, among other things.
From December 4 the list of goods which will be able to be sold duty free, within the 16 streets of Colon, will come into effect.Some of the items that were added to the list are: confectionery, electronics, televisions, computers, toys, perfumes, shoes, watches, and jewelry.
Now there are ten major international companies interested in taking part in the tender for 1500 square meters of commercial space in Terminal 1 of Tocumen Airport.
Among the companies that expressed their interest to the administrators of Panama City airport are DFS, Duffry, Duty Free America, Heineman, DFAASS, Legarde, Penna and Flamingo.
Indications have been given that the tender will be held in October and will include the 77 duty free premises in Terminal 1 which are currently operated by Grupo Wisa and Attenza, of the Motta Group.
Among the duty free premises that Tocumen is planning to tender in October, are those which were concessioned to Grupo Wisa and Attenza, of the Motta Group, whose contracts expire in December 2017.Prensa.com reports that "...The bringing forward of this contract renewal is due to, according to Temístocles Rosas, Vice President of Administration and Finance at Tocumen SA, 'the withdrawal of Wisa group', which was recently included in the sanctioning 'Clinton List.' "
Two companies have already registered in the system that allow operators in the Colon Free Zone to open subsidiaries for retail sales in the 16 blocks of the area undergoing a redevelopment process in the old town of Colon.
Companies wishing to apply to receive the benefits offered by Colón Free Port (CPL by its initials in Spanish) can now register as an infrastructure or commercial investor with legal advice to the Colon Free Zone (CFZ).