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U.S. Companies Deduct Taxes for Events in Panama

Leveraging the recent inclusion of the country as one where Americans can organize tax deductible congresses, fairs and conventions, is a priority for 2012.

Tuesday, January 10, 2012

This one of the aims of the Panamanian government to consolidate Panama as a destination for conventions and business tourism, and is the first target that has been set by Tourism Authority of Panama for the year just begun.

The construction of a new convention center, projected to cost between $120 and $150 million, is key to these goals, and is second biggest target for 2012.

The third major ambition for this year is the development and positioning of Taboga Island as a tourist destination.

Source: Panamaamerica.com.pa

Key entities

Panamanian Tourism Authority

Countries

United States of América Panama

Insight

tax deductions trade show business tourism convention Tourism event organizers tourism Tourism

Convention Tourism in Panama

January 2010

To become a global destination for the convention industry, Panama must increase the number of available hotel rooms and air plane seats.

Martinelli’s government produced a strategic five-year plan which includes a Tourism Development Master Plan by the Panamanian Tourism Authority.

Panama Looks to Convention Tourism

October 2010

The Tourism Authority has already signed about 20 agreements for events between 2011 and 2012.

Some of the events taking place are the Latin American Congress of Social Networks, the Parliamentary Assembly, the Regional Congress of Amway, the annual meeting of businessmen and the World Economic Forum.

Costa Rica to Build Conventions Center

March 2010

The upcoming government has set as one of its priorities to build a conventions center to promote the country as a congress destination.

This was announced by upcoming tourism minister Carlos Ricardo Benavides, who added they are assessing a lot in Belen, Heredia.

In order to fund it, authorities are considering using the securitization mechanism.

Panama to Participate in 21 Fairs in 2012

January 2012

The country will participate in 21 international fairs specializing in agricultural products, logistics, food, handicrafts and more.

As of October 2011 the value of contracts signed at fairs amounted to $660 million, $34 million more than in the same period in 2010.

Irma Vanessa Chong, general manager of Commercial Missions of the Ministry of Commerce and Industry (MITI), noted that new destinations have been identified for Panamanian exports (the Nordic countries, Russia, Japan).

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