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Saturday, May 25 2019 @ 10:58 AM UTC

Chamber of Commerce Asks Martinelli To Veto Fiscal Reform Law

Money MattersThe businessmen who are members of the Chamber of Commerce, Industries and Agriculture of Panama asked president Ricardo Martinelli to veto Law No. 491 which amends the Tax Code. According to the business association, approval of changes just at the end of Fiscal Year 2012 will impact impact financial planning and business management. Bill 491, recently approved by the National Assembly, creates a new excise tax and replaces the new system of monthly payments to income tax (AMIR) with the system that was previously in use, using estimates. The project that was quickly approved last week in the National Assembly retroactively implements the mechanism requiring advance payments of income taxes, the businessmen warn through a press release. These reforms, according to the statement, act to the detriment of the taxpayer and contravene the Constitution, which says only those laws of public or social interest can be made retroactively. The Chamber, the most representative business association in the country, says they have always fostered a climate where clear, workable rules prevail, ensuring that when changes occur in crucial aspects of the economy, consultations prevail rather than "surprise and imposition." (Prensa)

Editor's Comment: The biggest reason why Ricardo Martinelli has been able to get more done than any prior president is because he has had more money to spend. The economy continues to grow, and Martinelli focused on raising more revenue for the government through new taxes, increasing taxes, and forcing those people and businesses to pay their taxes - especially those large businesses owned by politically powerful people who have traditionally used their political donations to politicians as a means and method of evading taxes. Anyway, the bottom line is that it costs money to build Subway systems, roads, brides, and schools. This change is more of a "tweak" than a new tax. They tried this AMIR system which didn't work very well. The Chamber of Commerce bitched when the AMIR was implemented, and now they are bitching when it's being done away with. They are apparently going to bitch no matter what Martinelli does, which means they can be ignored.

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