Liquor Consumption Tax Approved in PanamaTuesday, August 13, 2013 The collection of excise tax on liquor will be made effective by the National Revenue Authority (ANIP) and the National Customs Authority. From a press release issued by the National Assembly of Panama: New Extension for Payment of Worker-Employer CuotaThursday, May 2, 2013 The Social Security Department in Panama is deferring for four months payments of the employer quotas. According to Roberto Troncoso, president of the Panamanian Association of Business Executives, the "moratorium by the Social Security Department (CSS by its initials in Spanish) creates a bad habit" among irresponsible employers. Panama: Law on Fire Fighters SanctionedThursday, June 13, 2013 Insurance companies must pay a tax of 2% to the National Treasury to be deposited in a special account belonging to the Fire Department. From a press release from the Government of Panama: Panama Approves Incentives for Subway SystemThursday, September 16, 2010 Congress passed, after preliminary debate, regulation that gives fiscal incentives to the Metro Secretary and to contractors involved in the project. They new regulation would exonerate direct and indirect taxes, contributions, rights and obligations. Tax for Airlines Proposed in PanamaThursday, July 11, 2013 A draft law proposes amending the Tax Code to set a tax of 10 cents per gallon on the fuel used by aircraft. The project was presented to Congress by the Minister in charge of Economy and Finance, Omar Castillo, who justified the proposal by noting that since the establishment of the excise tax on fuel products, jet fuel has remained exempt from any tax. Panama: Government Considering Tax ChangesTuesday, April 19, 2011 Authorities are considering lowering or eliminating the tax on fuel and replacing it with one for "luxury goods". When explaining what would be considered a "luxury good", president Ricardo Martinelli referred to cable television and tv commercials. Panama: Tax Reform Arrives at AssemblyFriday, August 21, 2009 The Ministry of Economy and Finance introduced the tax reforms package to the National Assembly. Alberto Vallarino, Economy Ministry, assured they will maintain imports and reexports fiscal exemptions for Free Zone businesses. Panamanian Assembly Discusses Tax ReformTuesday, March 2, 2010 The bill includes over 150 items, and will be presented today by the government to the Legislative Assembly. The consultation period will start on March 4th. Panama: Tax on Ethanol Imported for FuelTuesday, October 1, 2013 A tax of $3.78 per gallon of fuel blended with imported ethanol has been proposed to protect local sugarcane-based production. The plan was presented to Congress by Omar Castillo, Deputy Economy Minister who proposes to protect the domestic alcohol industry by "... establishing that the imported items can be only used in beauty products, nail polish and all products containing these products and that it can not be used for fuel production," reported Prensa.com. Panama: Tax Reform SoftenedWednesday, September 9, 2009 The law project, currently discussed in Congress, had 11 articles modified and 2 new added. Payment by companies operating in the Colón Free Zone was reduced to 5% from the original 10%, among other modifications. Panama: Tax on Sugary DrinksWednesday, October 4, 2017 A legal initiative aims to establish a selective consumption tax of 8% on the price of sugary drinks, whether they be imported or domestic. Although the bill introduced by two deputies of the Democratic Revolutionary Party (PRD) has yet to be discussed in the Legislative Assembly, the Varela administration has already announced that it does not support the initiative. Panama: Tax Incentive for ReforestationFriday, February 5, 2016 A bill seeks to exempt from land tax and real estate transfer tax, farms where more than half of of the land is devoted to reforestation. From a statement issued by the National Assembly of Panama: Panamanian Businessmen Demand Changes to Tax ReformFriday, March 5, 2010 Business unions disagree with the Government’s proposal and propose various changes. They proposed modifications in how taxes are calculated and in the various tax rates. Panamanian Customs Reap In $292 MillionTuesday, May 11, 2010 In the first four months of 2010, the Customs Authority generated 7.6% more income than the same period of 2009. For 2010, the entity aims for an average daily income of $2.5 million, or $900 million a year, stated director Gloria Moreno de López. Discussion of Bearer Shares Reopened in PanamaTuesday, July 23, 2013 Congress discussed today in the first debate the bill adopting a custody regime applicable to shares issued to bearers. From a press release issued by the National Assembly of Panama: |
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