Proposed Property Tax Adjustment in Panama

Reduce 50% of the market value fixed by the appraisers and reduce the property tax rate from 2.1% to 0.5%, are some of the points agreed to yesterday by more than 50 entrepreneurs and real estate professionals gathered at the headquarters of the Panamanian Association of Business Executives (APEDA).

Among the group were lawyers, academics, and former officials who discussed the increase in property evaluations and property taxes paid out by the Government in some areas of the capital.

Entrepreneurs also proposed increasing the tax exempt amount of $ 30,000.

Lawyer Jose Javier Rivera criticized the methodology implemented by the Ministry of Economy and Finance as it goes against the provisions of the Fiscal Code. “Any decision that affects an individual means they have a right to be notified personally,” said Rivera.

The communication that property owner’s taxes are increasing  is currently done through notices in print media of national circulation.

The topics discussed will be presented to the Executive through a statement analyzed and evaluated by business partners.

Among those present participated Jorge Pitalúa, former director of Cadastre, Fernando Aramburu Porras, president of the Apede; Aristides Hernandez, commission Apede macroeconomic environment, and the lawyers José Javier Rivera and Adolfo Linares.