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Saturday, May 25 2019 @ 03:10 AM UTC

Business Leaders Worried About Tax Increases

Money MattersPeople are reacting to the tax reforms approved yesterday by the Cabinet Council. The President of the National Council of Private Enterprise (CONEP), Gaspar Garcia de Paredes was concerned because he says the project "has some absences." Garcia de Paredes, expressed concern over how the money the government intends to collect through this new tax will be used efficiently, with the increase of the ITBMS from 5% to 7%. He said they would participate in the debate that will take place in the National Assembly where he hopes some points of the project will be clarified. Yesterday the Minister of Economy and Finance, Alberto Vallarino, explained that no tax will be charged on juices and soft drinks, but the rest will remain as presented to the Cabinet. Minister Vallarino said this tax increase is intended "to put money back into the pockets of the people and to use surplus tax revenues from companies or sectors that previously paid little to support government social welfare programs such as the "Universal Scholarship" and the "$100 for 70" program. (Source: TVN Noticias)

Editor's Comment: The tax reforms were approved yesterday by the Cabinet Council, and now they will go to the National Assembly for debate and eventual approval. The government wants to pull in more money to do more stuff. That's fine, as long as they're not stealing it.

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Business Leaders Worried About Tax Increases
Authored by: Dick on Friday, February 26 2010 @ 11:18 PM UTC

The 1st rule of economics is: "Busineses don't pay no stinkin' taxes!"

The ultimate consumer of a product or service pays ALL OF THE ACCUMULATED TAXES on a product or service when he/she purchases that product or service.

This is a 25-1/2 PERCENT INCREASE IN TAXES ON THE CONSUMER (5% to 7%)". Nearly all of it borne by the Panamanian people!