Panama tourist increase generating more tax revenue
(Newsroompanama.com) Tourism is up in Panama this year, with a corresponding increase in tax income.
The 5 percent jump in tourist activity in the first 11 months has augmented the government take by $5 million to $35 million
Earlier, Tourism Authority(PTA) projections said the tax income could reach $39 million by year end.
The $35 million, said the authority, did not reflect the real figure as the Ministry of Finance has not yet transferred to the ATP the accommodation taxes.
Tax reforms implemented last July said that the MEF would collect this tax, approximately $6 million and transferred in full to the ATP.
One point that has positively impacted on the collection was the increase in airport tax, which this yearwent from $ 20 to $ 40. Twenty five percent of this is transferred from Tocumen airport to the Tourism Authority.
Between January and October passed more than 900,000 tourists, arrived an increase of 12% over the same period last year.
Audits of tourism businesses that did not transfer the tax to the ATP and to recovered nearly $ 3 million.
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Original Source: Newsroompanama.com
Date Retrieved: December 24, 2010.
