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Torrijos Looks To Speed Through Panama’s Fiscal Reforms

by Leroy Baker, Tax-News.com New York

20 January 2005

The administration of Martin Torrijos is attempting to push through Panama’s controversial fiscal reform package by fast tracking the new legislation through the country’s national assembly, according to Reuters.

Franklin Castrellon, the government's economic spokesman, told the news service that the government is seeking swift cabinet approval of the reforms so that the proposals can be passed onto the assembly for debate as early as today.

"We are working hard to get the reforms into the assembly by Thursday," Castrello revealed.

The ruling Democratic Revolutionary Party has a 40 seat majority in the 72-seat legislature, and the reforms are thought likely to pass by early February.

The news has been greeted with dismay by the business lobby, which had requested a ten-day extension to the consultation period on the tax proposals. If the administration's plans are enacted, they will result in a 2% revenue tax and a 1% levy on trade in the Colon Free Trade Zone.

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