Flat Tax Included in Pending Fiscal Reform Bill in Panama
(Panama-Guide ) By XENIA DE LEON for La Prensa - The tax reform the Ricardo Martinelli administration hopes will be approved by a special session of the National Assembly includes provisions to change the income tax system in Panama to a new flat tax, that according to authorities of the Ministry of Economy and Finance, would represent a modernization of the tax system. Deputy Finance Minister, Dulcidio Guard, said the goal of the reform is to simplify the tax administration with a single income tax, with a low rate for both individuals and businesses. This system is used in 25 countries, including Hong Kong, Ireland, Singapore, Russia and most Eastern European countries.
