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Sunday, July 15 2018 @ 08:53 PM EDT

Insurance Companies Will Start Paying A 2% Tax Towards A Fund For The Fire Department

InsuranceThe law aimed to supply the Fire Department of Panama with equipment was passed yesterday by President Ricardo Martinelli.

This law, which modified Law 59 of 1996 and Law 10 of 2010, states insurance companies must pay an additional tax of 2% for a total of $14 million to establish a fund that will go to a special account for the Fire Department and will be administered by the Board of the organization.

The new budget will allow this entity to acquire vehicles, ambulances and firefighting equipment.

The deputy director of the Fire Department, Rodrigo Baruco, said the fund will not be used for the operation of the entity. (Siglo)

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