Panama: U Turn Over Gasoline Tax
Monday, February 9, 2015
The Presidency has ordered the withdrawal of the draft law which proposed levying $0.05 per liter of petrol and using it to finance the payment of pensions and retirements.
From a statement issued by the Government of Panama:

The president, Juan Carlos Varela Rodríguez instructed the Minister of Health, Francisco Javier Terrientes to withdraw the bill which would have increased pensions for retirees in order to continue discussing it in the Cabinet.

"I appreciate, have heard and respect the opinion of the people, to whom I am in debt for this is an essential part of democracy and strengthening of the management of government," said Varela Rodríguez.

"I have received a lot of contributions to the debate in these days from retirees, one interesting opinion is to continue recovering pubically owned assets" he said.
 
More on this topic
¿Will There Be A Light At the End of the Fiscal Reform Tunnel in Costa Rica?
April 2015
Experts warn that the draft law which aims to raise income tax and convert sales tax into value added tax might not be approved for two years.
The lack of consensus between the Ministry of Finance and the President of the Republic, Luis Guillermo Solis, is sending mixed signals on some aspects of the tax reform. One example in the case of corporation tax, an issue that the president himself has stated he disagrees with. In the opinion of economist Thelmo Vargas, it denotes that "... There is no agreement on the proposal". Added to this is a fragmented legislative assembly where the ruling party does not have a majority.
President of Panama Promises "No New Taxes"
March 2015
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."
Panama: More Fuel Taxes
February 2015
A bill aims to increase fuel tax by five cents to finance the projected increase granted to pensioners and retirees of the Social Security Department.
The project submitted to the National Assembly, seeks to collect $0.05 per per liter of fuel with the goal of raising $100 million a year to fund, with $80 million, a raise for retirees and with $20 million a Program for Disability, Aging and Death (IVM by its initials in Spanish).
El Salvador: Advantage Taken of Falling Oil Price
January 2015
The Government is debating whether to charge an additional tax of 1% on the price of fuel when the international price falls below $50 per barrel.
Under the law passed in 2009, if the price of a barrel of oil is less than $50 an additional 1% tax on the price of fuel will be automatically applied. Although the international price of oil is now trading at less than $50, the tax is not yet being charged.
Goods
Fuel fossil fuels gas
Key entities
Government of Panama Juan Carlos Varela Rodríguez Francisco Javier TerrientesDepartamento de Regulación y Control de Alimentos del Ministerio de Salud
Countries
Panama
Insight
taxes paying taxes raising taxes law proposalEnergy Taxes
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Taxes
taxes
paying taxes
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Energy
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