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Saturday, May 25 2019 @ 03:17 AM UTC

Tax Reforms in Panama Will Increase Revenue By $250 Million

Money Matters By Carlos Estrada Aguilar for La Critica - The Panamanian National Government will raise approximately $250 million additional dollars per year on average thanks to the new version of the tax reform law approved unanimously by the Executive Cabinet last night. New taxes being applied to the businessmen who operate in the Colon Free Trade Zone will pay the greatest share in the tax reform law being promoted by the administration of Ricardo Martinelli. It is estimated the Colon Free Trade zone will be generating between $50 to $60 million dollars in new taxes every year that will be paid directly to the National Treasury. The government intends to levy new taxes on the profits generated by businesses, and in the case of the Colon Free Trade Zone they will have to report (or pay) 1% of the money they make on interest payments received from loans to businesses. The Minister of Economy and Finance Alberto Vallarino presented the bill before the Executive Cabinet, which modifies some provisions of the Tax Code and which takes other tax measures. In the preamble of the draft bill it is explained that the reason for changing the Tax Code would be to allow the State to receive additional funds, which will allow the government to meet goals in terms of infrastructure projects as well as the administrative reorganization of the country. The Bill states that adjustments will be made to - among other things - Property Taxes, Income Taxes on money made through the sale of property, and in order to facilitate the administrative activity of the State, to update the assessed property values in order to directly recover the levied tax. (See Comments)

Editor's Comment: Did you catch that last bit at the end? What that means is - the government is going to update all of the property values registered on the tax rolls to reflect the actual values of the property. We all know how people play that game of "well, the registered property value for tax purposes on this apartment is only $65,000 dollars, but it's actually worth $155,000..." Guess what? It's a relatively simple administrative exercise to update the property values when it's bought or sold. And, if one 2 bedroom apartment in a building just sold for $155,000 the government could change all properties in that older building to change their assessment in a wink of an eye (or with a few strokes of a keyboard.) Presto-change'o, there's a whole bunch of more money for the government to spend on programs for the poor. More "change." How'd you like that one?

Recaudarán $250 millones con reforma fiscal

Carlos Estrada Aguilar | Crítica en Línea

Alberto Vallarino

El Gobierno Nacional promedia recaudar cerca de $250 millones anuales con la nueva versión de la Reforma Fiscal que aprobó anoche el Consejo de Gabinete de forma unánime, confirmó una fuente.

La Zona Libre de Colón aportará la tajada más grande dentro de la reforma tributaria que impulsará el gobierno de Ricardo Martinelli. Se calcula que la ZLC aportará entre $50 y $60 millones al fisco de forma directa.

El gobierno pretende gravar nuevos impuestos en los dividendos de las empresas y en el caso de la ZLC tendrá que reportar la tasa de 1% que se grava a los intereses de los préstamos de la empresas.

El ministro de Economía y Finanzas, Alberto Vallarino presentó en Consejo de Gabinete el proyecto de ley, por el cual se modifican algunas disposiciones del Código Fiscal y se toman otras medidas fiscales.

En la exposición de motivos del mencionado proyecto de ley se explica que la propuesta de modificar la normativa tributaria le permitirá al Estado manejar fondos adicionales, los cuales facilitarán el cumplimiento de las metas en materia de infraestructura y reorganización administrativa del país.

En el proyecto de ley se plantea que se harán ajustes -entre otros temas- sobre el Impuesto de Inmuebles y el Impuesto Sobre la Renta a la ganancia de capital en la enajenación de inmuebles, así como facilitar la actividad administrativa del Estado, que permita actualizar los valores catastrales que repercuten directamente en la recaudación del impuesto.

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