Panama state income during the first 11 months of 2009 totaled $3.36 billion, some $225. 3 million more than projected.
Nevertheless, these numbers represent a decrease of $240 million, compared to the same period last year. Some of it due to dividends paid to Tocumen airport ($ 140 million) and some due to authorized payments to phone companies ($ 200 million).
Last November state collections reached $262.6 million, $13.8 millions more than budgeted, thanks to $22.8 million in dividends paid by electrical distribution companies, which was not accounted in the budget.
Not taxable income added $709.6 million , some $104.3 million more than budgeted, but still $406.9 millions below last year’s numbers.
As for direct taxes, collections reached $ 1,171 billion , $30.8 millions more than targeted for 2009.
Sales Of Goods And Services taxes (ITBMS) reached $269.3 million, 15 % over the projected numbers and fuel consumption tax (!) added $153 million.
Further more, $101.7 million have been collected due to the new tax moratorium implemented in September, and there are another $64 million pending tied up in payment deferrals and payment arrangements. The tax moratorium also wil also add an additional $15 million from Colon Free Zone and casino taxes.
In short, it looks that Martinelli’s coffers are filling up due to this administration’s tax reforms. Hopefully, these money will “live” to see its proper destinations on social and cultural programs so badly needed in Panama.
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