Monday, 30 November 2020

“No New Taxes” Panama Promises

Miembers of the Cámara de Comercio, Industrias y Agricultura de Panamá at the Palacio de Las Garzas.
Miembers of the Cámara de Comercio, Industrias y Agricultura de Panamá at the Palacio de Las Garzas.

TODAY PANAMA – In a meeting with private sector representatives, President Varela said he will not establish new taxes over the next four years.

The president, Juan Carlos Varela, made a commitment to the business sector to not execute any reform to the tax code in the remaining years of his administration. In order to finance the Government Strategic Plan for 2019, which envisages an investment of $19 billion, he assured that the state will generate the necessary resources as it would be enough “… to put the house in order and not commit acts of corruption.”

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Rafael Carles, representative of the Chamber of Commerce and Industry of Panama, told that “… These are very important words that fill us with hope and show a strategy which is different from the last five governments that used tax reforms to strengthen public finances. ”

Carles added “… I have it written down to keep a record of what was said and remind him of it if he forgets it and then wants to surprise us with these measures. ”

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