Colombia Takes Panama Off Tax Haven List

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Colombia excluded Panama from its list of tax havens after agreeing to negotiations to avoid double taxation. This wraps up two weeks of tenuous discussions, which began when Colombia included Panama in its list of tax havens, published on October 8, which implied penalties on transactions for Panamanian companies in Colombia. Panama threatened reciprocal measures and set a deadline for removing its…

Will Expand Inter American Highway to Six Lanes

President Juan Carlos Varela announced plans to expand the Inter American Highway to six lanes between the Bridge of the Americas and Arraijan. The widening of the road will enable a dedicated route for public transport along this stretch in the hopes of easing traffic congestion and decreasing the commute, which can take hours. Other plans for Panama…

Monolith Discovered in Darien

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Archaelogists uncovered an ancient carved monolith in the province of Darien. The piece was taken to the old Reina Torres de Arauz Museum, where it is being held with other historical items in the custody of Panama’s National Institute of Culture. Meanwhile, experts will evaluate and date the monolith. The last pieces of stone with similar…

Public Debt Continues to Rise

Panama closed the third quarter of this year with a public debt of $18.339 billion. This represents an increase of 15.8% or $2.519 billion from the same period last year. The increase is partly due to the issuance of $1.25 billion in global bonds in September.  This amount does not include the unpaid balance of $3.141 billion in turnkey contracts left by the…

Reforestation Plan is Coming

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The Panamanian government has launched a project to plant 2.5 million acres of trees over the next 20 years. According to National Environmental Authority statistics, Panama has over 17 million acres, of which nearly 50,000 are deforested each year.  If the math is correct, this new incentive-based conservation initiative would reforest 125,000 acres a year. President Juan Carlos Varela said that…

Panama Takes Ebola Precautions

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Panama’s Ministry of Health presented its contingency plan this week to address the possible arrival of the Ebola virus to the country. Measures adopted include: setting up an isolation ward in the 24 de December regional hospital for confirmed or suspected cases, preparing public and private health staff, acquiring waterproof garments and protective masks, renting incinerators, hiring a disinfection company and implementing stricter protocols at points…