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NotiSur PDF file 1995 right arrow Jul

Panama Approves New Tax, Subsidy Reform Law

LADB Article ID: 56045
Category/Department: Panama
Date: 1995-07-06
By: LADB Staff

On June 20, after months of controversy and a threatened strike by businesses in the Caribbean port of Colon, President Ernesto Perez signed the Universal Law of Fiscal Incentives legislation that will eliminate costly government subsidies and increase business taxes. The law abolishes tariffs protecting industry and agriculture, raises taxes on business profits in the Colon Free Zone, and cancels government financial assistance to help medium- and large-size industrial firms buy imported machinery.

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