Taxes Reduced for SMEs in Panama

©image: Franklin Hunting

This measure will be enacted by President-elect Ricardo Martinelli in his first 100 days in government, and it entails applying tiered discounts of up to 75% of the flat rate paid by businesses that invoice less than $500,000 annually.

Currently, micro- and small-businesses pay a flat rate of $300 per year. With the proposed discounts, micro-businesses would pay $75 per year and small-businesses that invoice up to $500,000 would pay $150 per year.

According to Laestrella.com.pa, "the president of the National Union of Small- and Medium-Sized Businesses (Unpyme), Ramón Arroyave, expressed that the drop in the flat rate is an 'insufficient but welcomed measure.'"

Source: laestrella.com.pa

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