Revenue increase of 6% from January until August

The government of Panama has collected just over $4 billion dollars from January 2016 up until August 2016, an increase of 6% or $236.3 million dollars when compared to the same period last year. Despite the increase in revenue the goal was actually to collect $4.4 billion more, a shortfall of 5.7% percent.

Tax revenues, the main source of state income, have increased 10.3%, an increase that revenue Director Publio Cortes attributes to national efforts to reduce tax evasion. Direct taxes have generated $ 1.748 million for the country and income tax for businesses,generated $ 529 million, 39.6% more than the previous year. 

Finally, ITBMS amounted to $ 634.1 million from January to August of 2016, 26.3% more than in the same period in 2015.