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Panama Cuts Property Tax Rates

by Mike Godfrey, Tax-News.com, Washington

03 October 2017


Lawmakers in Panama have approved changes to the rates and thresholds for the annual property tax.

Under the changes, some 90 percent of home owners who live in properties worth up to PAB120,000 (USD120,000) will no longer have to pay property tax. A 0.5 percent tax will apply on the value up to PAB700,000, and a 0.7 percent tax will apply thereafter.

For owners of commercial real estate and industrial buildings and for second homes, a tax of 0.6 percent is payable on a property's value between PAB30,000 and PAB250,000; a 0.8 percent rate is payable on the value up to PAB500,000; and a 1 percent rate is to be levied on the excess.

The changes will come into force from January 1, 2019, and the rates are substantially lower than those currently in place.

TAGS: tax | property tax | luxury tax | Panama

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