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Panama To Go Ahead With Property Tax Changes

by Mike Godfrey, Tax-News.com, Washington

19 October 2017


Panama's President, Carlos Varela, has approved changes to the rates and thresholds for the annual property tax on October 17, 2017.

Under the changes, which were signed off by lawmakers earlier this month, 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 one percent rate is to be levied on the excess.

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

TAGS: compliance | tax | tax compliance | property tax | tax avoidance | law | Panama

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