Panama To Add To Colón FTZ Perks
by Mike Godfrey, Lowtax.net, Washington
28 March, 2016
A bill containing measures to revitalize Panama's Colón Free Trade Zone passed a third reading in Parliament on March 23, 2016.
Bill No. 223, which has yet to be approved by President Juan Carlos Varela, contains measures to improve the organizational structure of the free trade zone and new tax incentives.
Augusto Arosemena, the Minister of Trade and Industry, said that the bill, once approved, will complement the President's comprehensive plan to boost the economy of the province of Colón.
Earlier this month it was announced that the revenue of the Colón Free Trade Zone fell by 7.6 percent year-on-year in 2015, totaling USD114m. This was said to be due largely to a decline in trade with two of the zone's main trading partners, Colombia and Venezuela.
Currently, the benefits of operating in the Colón Free Trade Zone include zero percent import and export duties, and zero percent personal and/or corporate income tax.
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