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Tax Revenues exceed budget

According to the report presented by the General Direction of Revenue in Panama, known as DGI, the tax revenue received by the end of May 2021, has exceeded by 21% the budget established.

The general director Publio de Gracia, stated that «there is a positive sustainability of the tax revenue.» He also added, that the tax revenue was above the number registered in 2020. However, this does not mean that the tax revenue situation has been recovered to its pre pandemic stated, just that the economic activity in the country is progressing.

The national government of Panama has adopted various initiatives to reactivate the economy, among them: Panama Solidario, a program of solidarity, and the Tax Relief program. The Amnesty Law has been extended until August 21st 2021, allowing the cancellation of up to 85% of interests, surcharges and fines, extraordinary payment arrangements of up to 48 months.

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