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Home Panama Latest News New Tax laws passed

New Tax laws passed

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The following article is from the Panama Realtor newsletter:

Tax reforms concluded
After a quick debate and approval in the National Assembly, President Ricardo Martinelli signed Law 8 on 15 March, the tax reform package that modernizes the tax code and abolishes more than 30 taxes. The most notable change is an increase in the value-added transfer and property tax on goods and services (ITBMS or sales tax) from 5% to 7%.

The reforms also include a measure to drop taxes on corporations, dropping the corporate tax rate from 30% to 25%. This corporate cut is meant to lower tax burden on companies and thus ensure fiscal sustainability, improving Panama’s international competitiveness. The bill however does introduce higher license fees on banks in Panama, a move that was criticized by the sector.

Tax will be introduced on land-bound telephones and prepaid mobile phones. Establishments that do not serve alcohol will be granted an exemption from paying sales tax under the bill. Childcare items have been made exempt. The exemption ceiling for the agricultural sector will increase from $150,000 to $250,000

In a modernist move, the bill also contains provisions for the creation of an administrative court which will hear tax appeals. The bill will enter into force on July 1, 2010.

 

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Last Updated on Tuesday, 11 May 2010 21:04  

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