Modifications made to the law regulating the SEM regime in the country, would have been the reason for reporting during last year the establishment of only seven new companies of this type.
Among the reforms to the special regime for the establishment and operation of Sedes de Empresas Multinacionales (SEM) made in 2018, it is worth highlighting that companies must have a minimum number of full-time permanent employees, and in addition, a tax rate of 5% was imposed on the net taxable income derived from the services rendered.
From November 19th to 23rd, the fourth round of negotiations will take place in Panama City, where issues related to the protection of sensitive products of the Central American country will be addressed.
The Ministry of Commerce and Industry reported that in the previous three rounds of negotiations, progress has been made on intellectual property, sanitary and phytosanitary measures.
Adapt the country's sanitary norms to international standards and unify food import and export systems is part of the plan proposed by the Varela administration.
In order to take advantage of commercial agreements and increase exports to the European and North American markets, the government is working to consolidate its health systems.
Having a minimum of five full-time permanent employees is one of the requirements that companies must meet in order to obtain a Regional Offices of Multinational Corporations license, if a bill from the Varela administration succeeds.
The bill presented by the Ministry of Commerce and Industries (Mici) to the National Assembly contemplates, among other things, the new conditions that must be met by companies seeking to obtain a license as Regional Offices of Multinational Corporations (SEM by their initials in Spanish).In addition, it details a proposed law reform, under which companies must generate annual operating expenses in the country of at least $500,000.
With topics such as e-commerce and regulatory framework on the agenda, the first round of negotiations to establish a Free Trade Agreement between Panama and the Asian giant have begun in Panama City.
Authorities stated that during the first negotiations Panama will be represented by some 25 members of the Negotiating Commission of Free Trade Agreements of the Ministry of Commerce and Industries (MICI) and will also be able to count on the participation of more than 40 unions from the productive sector.
As a preliminary stage to negotiations for the signing of a Free Trade Agreement, authorities in both countries have started a feasibility study.
According to the Minister of Commerce and Industries, Augusto Arosemena Moreno, "Panama's primary interest is to boost foreign investment, mainly of added value, making Panama a distribution center for the region and boosting Panamanian exports to the Asian market."
If the request by the Panamanian Ministry of Commerce and Industries is approved, a new tax of up to 40% could be established on the dividends distributed by Colombian companies.
Coffee, wood, scrap and seafood are some of the goods negotiated by Chinese and local entrepreneurs as part of the first Asian trade mission to Panama.
In the short term, business between Chinese and Panamanians could increase in other areas, such as the agroindustrial sector, as representatives from Chinese phytosanitary control entities are expected to visit in the coming days.
Within the conditions to operate under the Multinational Enterprise Headquarters regime in Panama, the requirement for a worldwide number of employees has been changed to instead include a requirement to have a presence in more than 40 countries.
From a statement issued by the Ministry of Trade and Industry:
The Ministry of Commerce and Industries (MICI) wishes to inform the public that the Multinational Enterprises Licensing Commission (SEM) has drafted and approved a new resolution replacing the requirement for a worldwide number of employees for a requirement to have a presence in more than 40 countries.Resolution 19-17 was repealed in its entirety.
The measure, which initially was to last for only six months, was extended until December 2017, meaning that price controls on 22 products in the basic basket will have been in place for a total of three years.
Some of the 22 products whose prices have been regulated since July 2014 are eggs, chicken, potatoes, macaroni and pork chops, among others.
A call is being made for presentation of applications, up until July 14, for the export of new products to the Caribbean country within the framework of a renegotiation of the partial scope agreement.
The Ministry of Commerce and Industries (MICI) has opened a period for submission of applications from all sectors interested in exporting to the Dominican Republic, fulfilling the process of expanding the lists of the Partial Scope Trade Treaty that is in effect with the Caribbean country.
The Panamanian government has announced that until the dispute over tariffs is resolved, it will keep in abeyance the agreement signed with Colombia to buy two ships for $30 million.
As part of the trade dispute caused by the tariffs imposed by Colombia on imports of Panamanian footwear and textiles, the Varela administration has announced the suspension of a contract signed in October with Cotecmar, a company linked to the Colombian Defense Ministry.
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.
In the first phase of the Single Window for Electronic Foreign Trade authorization will be given for export declarations for sea products, and in a second stage, for agricultural products.
From a statement issued by the Ministry of Industry and Trade:
ICIM 09/22/2016.Through the Single Window for Electronic Foreign Trade (VUCE by its initials in Spanish), the Ministry of Trade and Industry has initiated the electronic approval of exports, a joint piece of work with the National Customs Authority, the Government Innovation Authority, the Aquatic Resources Authority of Panama, the Ministry of Health (MOH) and the Ministry of Agricultural Development (MIDA), said Minister Augusto Arosemena, who announced that this is one of the pioneering projects in trade facilitation in our country.
Despite the announcement of projects such as the construction of a workshop for aircraft maintenance and a hotel, the Panamanian airport Enrique Jimenez is still underused and has attracted no attention from airlines.
The airport built during the Martinelli administration was initially designed for cargo and tourism, but lack of demand has meant the terminal has turned out to be an unprofitable investment. Despite the fact that since 2015 Tocumen S.A. has tried to find business deals which would increase the attractiveness of the airport for airlines, the efforts have not borne fruit and the terminal is still underused.
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