Panama More Incentives for Investment in Colón
The government plans to grant exemptions and other tax incentives to banks that finance investment projects in the Colón Puerto Libre commercial zone.
The objective of the Ministry of Commerce and Industries is to facilitate commercial investments in Colón Puerto Libre, through the exemption of several taxes, for banks that grant loans to companies interested in settling in the duty-free zone.
According to Laestrella.com.pa, the executive secretary of Colón Puerto Libre, María Vanessa Ford, explained that "... by way of example, if the market rate is 6% and the bank grants a loan at 4%, the two percentage points of difference will be recognized to the banks through tax credits, which are operating and being processed through the General Directorate of Revenues, which makes it very competitive to want to finance projects that are going to be done in the area."
"... To date, Colón Puerto Libre has fifteen licensed investments, including four stores, Panafoto, Vanidades, Super Audio and Super Video; seven other companies in the process of entering, as well as eight investment companies which are being processed by the DGI in order to receive the exoneration."