Fiscal Reform in Panama Before July 2009Wednesday, June 10, 2009 The proposed reforms to the law of fiscal responsibility will be put before the Assembly for their consideration and approval before July 1. This is what the appointed minister of Economy and Finance, Alberto Vallarino, reported. Panamanian Government Presents Tax ReformTuesday, February 2, 2010 Alberto Vallarino, Finance Minister, is expected to present the tax reform today to the president’s cabinet. The main objective of this project is to remove the Alternative Calculation for the Income Tax. Tax Amnesty Proposed in PanamaMonday, July 13, 2009 The law proposal allows debt covenants of up to six months to pay taxes owed. Tax debtors choosing to use this plan will have to pay at least 30% of their total tax debt. Panamanian Economy ImprovesThursday, August 27, 2009 June's Monthly Economic Activity Index recorded a small increase of 0.31%. With this result, the downward trend is finally reversed. The index had been -4.58% in April and -3.90% in May. Panama Will Have an Investment Promotion AgencyFriday, November 20, 2009 The country will create an investment promotion agency similar to those of Chile and Singapore. The announcement was made by Economy Minister Alberto Vallarino, while attending the National Competitiveness Forum. Panama to Approve Tax Reform in 2009Tuesday, May 12, 2009 Among the main reforms that the tax system is looking to simplify is the elimination of alternative income tax calculation. The new income tax rate that will be applied has yet to be defined. Panama: 2012 Budget is $14,000 millionWednesday, July 20, 2011 The Ministry of Economy will present the state budget for fiscal year 2012 amounting to $14,000 million. The budget for 2012 is $1,000 million more than in 2011 and $3,425 million more than the year before that, 2010. Panama And Japan to Negotiate Double TaxationThursday, April 15, 2010 Both countries committed to negotiate a treaty to avoid double taxation. The announcement was made by Finance Minister Alberto Vallarino, after meeting with its Japanese counterpart. Panama Will Build Two New Mega PortsFriday, May 14, 2010 The Government will put out the tender the construction and administration of two mega ports in the Pacific coast area. Alberto Vallarino, Economy Minister, explained that one of the terminals would be located north of Panama Ports, while the other would be constructed at Rodman. Panama: Horizontal Property Tax Set At 1%Friday, May 14, 2010 The government established that the tax paid for horizontal property real estate will be unified at 1%. It will be applied retroactively from January 1st, explained Alberto Vallarino, Finance Ministry, who acknowledged that a number of homeowners paid more than 1%, due to a misunderstanding of the reform. Panama to Host the International Livestock CongressFriday, March 18, 2011 The XVI International Brahman Congress will take place in Panama City from July 2nd to July 7th, 2012. Pedro Vallarino, president of the organizing committee, told EFE that they seek to establish in Panama internationally accredited laboratories for genetic research. Panama: Truck Maintenance ConcessionThursday, May 21, 2009 The mayor-elect of the Municipality of Panama, Bosco Vallarino, announced that he could grant a concession for garbage truck maintenance. The concession would be granted in order to ensure the daily circulation of 60 trucks in the capital district. Panamanian Economy Grew 2.4%Wednesday, September 16, 2009 By the end of the first semester of the year, the country's economy grew 2.4% when compared to the same period of 2008. Highest growth was recorded in mining (13.1%), construction (12.4%) and transportation, storage and communications (7.8%), while the most important decreases affected agriculture (-12.4%), wholesale and retail commerce (-8.2%) and fishing (-3.3%). Project El Chorrillo Reactivated in PanamaTuesday, February 9, 2010 It will include a conventions center, commercial and residential space, sporting facilities, plus widening Calzada de Amador to four lanes. The Panamanian Government will rejuvenate the district of “El Chorillo”, by building office and residential space, sporting facilities and a conventions center, informed Alberto Vallarino, Economy Minister. New Tax in Panama CityTuesday, November 22, 2011 Enforcing the recent "carrot decree" which regulates at what times alcoholic refreshments may be sold, will require additional expenses, to be paid by citizens through a new tax. The Chamber of Commerce, through Irvin Hallman, has expressed concern about the effects that the new tax will have on private enterprises. |
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