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Thursday, December 13 2018 @ 04:19 PM UTC

Extension Granted for Property Tax Payments

Money MattersDuring the recent meeting of the Cabinet Council, president Ricardo Martinelli and his Ministers adopted several decisions relating to the Tax Code, including a moratorium for the payment of property taxes owed by apartment owners. This moratorium would be valid for payment of the first quarter of 2010, which corresponds to the value of the land on which the condo is built. They took this measure because many people are unaware of the new rules in the Tax Code which has translated into a failure to pay for many taxpayers. In addition, they also adopted a measure for the new title to the Fourth Book of the Tax Code, related to the recent treaties signed by Panama to avoid double taxation. (Telemetro)

Editor's Comment: Normally, when they talk of a "moratorium" that means people are still going to have to pay the tax they owe, but any late fees or penalties will be waived. As predicted, there was a last minute rush in the end of April when the deadline approached, and many people scrambled to make the payment, stood in line for hours, fought through the confusion and the frustration - only to have this extension granted after the deadline had passed. Actually, this is a normal evolution for Panama and it happens exactly like this anytime there's a new requirement or procedure.

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