Tax Reform Bill Passes to National Assembly Today

(Panama-Guide) - Source: El Siglo - The package of tax reforms which includes an increase in the ITBMS tax from 5% to 7% is necessary to pay the existing debt and is absolutely necessary, said the Minister of Economy and Finances Alberto Vallarino yesterday. Vallarino said on the RPC program Open Debate on Channel 4 that the Cabinet Council approved the package of fiscal reforms on 25 February "because they consider it necessary to develop infrastructure plans in the country." Vallarino said in recent years more money has been spent than has been taken into the government coffers, which has caused a long-standing social debt that must be addressed.