Money

Lottery Makes Record Sales

The National Lottery sold nearly $522.4 million in tickets during the first nine months of 2016. That represents a 3.5% increase from the same period the previous year, or close to an additional $17.9 million. After pay outs and commissions, profits totaled $106.7 million, which is $11.3 million or $12.2% more than last year. See Also: the Office of…

Metro ATMs Are Coming

As of December, all 14 of Panama City’s metro stations will have automated teller machines. There will be a total of 24 machines representing Banco General, Banistmo and BAC, servicing over 240,000 passengers. Each bank will be responsible for maintenance of their ATMs and make a monthly payment to the Metro for use of the…

Casco Viejo Tax Break Extension on Table

The National Assembly will consider a two-year extension of the tax benefits granted to investors who develop projects in Casco Viejo. The previous law passed in 2013, which provided for preferential mortgage loans, 30-year property tax exemptions, five year exemptions from transfer taxes and exemptions on construction equipment and material- has expired. The benefits are available only to projects of…

2017 Panama Canal Budget Approved

The National Assembly has approved $1.6 million in direct and $208.5 million in indirect contributions to the Panama Canal Authority for fiscal year 2017. According to the resolution, some $2.8 billion total in revenue and over $1 million in operating expenses are expected. Budget line items include canal operations, investments and reserves. The Canal Authority’s fiscal year…

e-Tax 2.0 is Coming, Panamanians Owe About $2 Billion

The new e-Tax 2.0 system goes into effect July 25. Updates to the current online system will remove software downloads statements, enable modules to submit statements and reports online; and improve compatibility with Internet Explorer, Google Chrome, Safari, Opera and Mozilla Firefox. The platform will also incorporate 23 process flows for various taxpayer procedures in the General Tax…