Free Zone users require another type of measures on top of the proposals the government has discussed in the Assembly, such as reducing the charges for renting.

The bill that was discussed in Congress and which seeks to increase the competitiveness of the Colon Free Zone (CFZ), (already approved in the first debate) is not enough for entrepreneurs. Marco Tellez, president of the Association of Users (AU), told Prensa.com that “… users recognize the efforts of the Government in the proposal already presented, but they are not enough. We do not want companies to make money, we want to stay. “

See also: “Panama: Improvements to the Colon Free Zone”

Eventhough on March 9 approval was given in a first debate to amendments relating to the payment of Transfer Tax, Property, Furniture and Services (ITBMS by its initials in Spanish) by companies that sell used cars, taxes on free zones engaged in the import and re-export, and a reduction in capital tax from 1% to 0.5% (previously not paid), employers are insisting on other incentives which they consider would have a greater impact. For example, the AU is seeking a reduction in the collection of ‘terraje’ (rent).

See also: “More Companies Leaving Colon Free Zone”

Meanwhile, Severo Sousa, president of the Business Logistics Council (COLE) supported Tellez’s position by declaring to Panamaamerica.com.pa that the proposals are not enough to save the CFZ, but “… it is a great help for mitigating some negative impacts from which the free zone is suffering . “

Source: Prensa.com