On the back of improving economic conditions in South America, it has been reported that exports from Panama’s Colon Free Trade Zone were much improved in April after a recent downturn.
A report by La Prensa has indicated that firms in the free trade zone exported a total of $438.6 million worth of goods in April, up from a figure of $326.5 million in February. Furthermore, total business activity, which includes imports and exports, was said to be up 6.6% in the first three months of 2004 compared to the corresponding period in 2003.
Merchants operating in the Colon Free Trade Zone benefit from significant tax advantages including exemption from import and export taxes and corporate income tax, whilst dividends paid on profits from foreign trade operations and from direct sales are also free from taxation. In addition there are reduced tax rates on earnings from re-exports and tax credits are available for the employment of a certain quota of domestic employees.
The CFZ reportedly contributes 7.4% of Panama’s gross domestic product.
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