90 days of No Additional Taxes in Panama

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The Minister of Economy and Finance, Alberto Vallarino announced on Tuesday that for the next 90 days, Panama will not introduce any new taxes.  But, the rising in fuel prices is stressing the funds for the country so they are hoping the cost of oil prices will go down in the next few weeks so they will not have to implement more taxes.  More information below from La Prensa –

No new taxes in the next 90 days

No additional tax will be applied in the country in the next 90 days.  This, according to an announcement made on Tuesday by Minister of Economy and Finance, Alberto Vallarino.

President of the Republic, Ricardo Martinelli, announced last weekend the possible creation of a new tax that would serve as a replacement income to cope with rising fuel prices in the country.

Martinelli said that the tax could come from a percentage of cable TV, cell phone contracts, and TV commercial spots.

In this regard, Vallarino clarified that a new tax would be implemented “only if necessary” and would not be presented to the Cabinet Council until at least 60 days from now.

Vallarino went on to explain that it is not possible to quantify the exact figure.  “We only know the cap, because we handle the consumption figures,” he said.

Nonetheless, the official is hopeful that “oil prices will go back down below $100 a barrel in the coming weeks.”

The Panamanian official recalled that the country “depends on international markets” as it “does not produce its own oil or derivatives.”

(http://www.prensa.com/hoy/english/economy_6923.asp)

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