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Sunday, May 28 2017 @ 09:53 PM EDT

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Panamanian Economy Will Grow By About 7% in 2014

Money MattersPanama's real gross domestic product (GDP) will grow between 6.5% and 7% this year, according to projections estimated by the Panamanian Ministry of Economy and Finance (MEF), an official said today. (more)

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CCIAP: Price Controls Are Not Effective

Money MattersNow two weeks after the implementation of an Executive Order establishing price controls on 22 basic food products, the president of the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP), José Luis Ford maintains his position that "price controls are not effective." (more)

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Martinelli Increased Panama's Public Debt By $6.837 Billion In Five Years

Money MattersPublic debt contracted the government of Ricardo Martinelli exceeded all expectations of local and international analysts. (more)

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ANIP Hunting Down Martinelli's Friends For Tax Payments

Money MattersPanama's National Revenue Authority (ANIP) is investigating several companies with commercial ties to Gabriel Btesh and Ricardo Francolini, according to a source within the institution. (more)

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Emergency Price Controls Take Effect Today

Money MattersThe executive degree signed on Monday freezing prices on 22 basic food products takes effect across the country. (more)

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Martinelli Leaves Behind A Staggering Public Debt

Money MattersThe debt being left behind by the government of Ricardo Martinelli exceeded the imagination of all local and international analysts. (more)

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Panama Leads Central America - Foreign Direct Investment Up 61% in 2013

Money MattersA report released by the Economic Commission for Latin America and the Caribbean (ECLAC) said Panama achieved an increase in foreign investment, which amounted to $4.651 billion dollars. (more)

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State revenues fall short

Money MattersThe current revenue in the first quarter of 2014 were 200.4 million dollars under budget (projections). (more)

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Panama's Economic Growth Leads The Region

Money MattersEconomic growth in Panama will lead the American continent in 2014 and 2015. (more)

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Martinelli Will Leave Office Without Reassessing His Mansion

Money MattersPresident Ricardo Martinelli never updated the assessed value of his mansion and "clubhouse" he owns in the upscale neighborhood of Altos del Golf, in Panama City.

Last year on December 10th the outgoing president promised he would, but he never acted.

On May 4, Election Day, Martinelli said it was not possible to make a new assessment on his compound because the law will not allow it. "The value of a property can only be updated when it's sold. Otherwise the law does not allow me," to do it, he said.

However, he is overlooking that the law does not prohibit anyone from voluntarily updating the assessment.

Martinelli made ​​the confession at the entrance of the mansion, the flagship property of the residential complex, which has an assessed value of only $290,000 when its market value is estimated to be not less than $4 million.

Documents to which this newspaper (La Prensa) had assess indicated at the end of 2013 the assessed values of the Martinelli Linares family, located in Altos del Golf, have not changed in 25 years.

According to the tax calculations, for the entire residential complex Martinelli would only pay about $4,614 per year in property tax, because his properties have such a low assessed value.

Martinelli has complained that the assessed values of properties have not been revalued for decades, while his own home is one of those that has benefited from this situation.

Five months ago he said he was unaware that he was in this position. When asked, he responded "I ask for it to be reevaluated, to set an example. I hope everyone who has not been reevaluated would do the same," he said via his Twitter account.

Neither he, voluntarily, nor the State have conducted the necessary procedures to set the real value of his property, or pay the tax. (Prensa)

Editor's Comment: La Prensa is still coming hard at Martinelli. I would ask the question - has every property, house, and condo in the Coronado complex been recently reevaluated? If asked, would I. Roberto Eisenmann recommend that every property owner in Coronado be held to the same standard? Would they print that in their newspaper? Of course not. As far as I'm concerned, La Prensa has lost all credibility - completely sold out due to politics. And of course, Martinelli should follow through and have the property tax reevaluated. What's more, the Law of Panama should be changed, to FORCE property owners to update their assessed values, and property owners should pay the true and proper tax.

Why don't they? Because the rich own the property. And, the rich own the government. End of story.

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