According to the Ministry of Economy and Finance (MEF), the automotive industry in Panama has contributed more than US$280 million in tax revenues during 2024, highlighting its fundamental role in the economic development of the country.

Of the total amount collected, US$150 million comes from the Selective Consumption Tax (ISC) applied to the sale of vehicles, while US$130 million corresponds to the Movable Property Transfer Tax (ITBMS).

In addition, the procedures related to the Single Vehicle Registration, such as registrations and transfers, have added constant income to the public treasury, consolidating the importance of the sector in the fiscal sustainability of the country.

For the MEF, these results highlight how the automotive industry is not only an engine of economic growth, but also a generator of employment and an attraction for investments.

“The strong contribution to the tax authorities strengthens Panama’s economic and social stability, reaffirming the sector’s commitment to national development. With these advances, the automotive industry continues to position itself as a key pillar in the Panamanian economy, highlighting its relevance in building a prosperous future for the country,” said the MEF.