Angel Valdes | June 7, 2023
With the sanction by the President of the Republic, Laurentino Cortizo, of the law that establishes tax incentives for sports, in order to strengthen the growth and financial sustainability of national sports federations and associations duly recognized by the Panamanian Institute of Sports and the Olympic Committee of Panama.
The Honorable Substitute Deputy, Ana Irene Delgado, explained on Radio Panama what this new law consists of and the impact it will have on athletes from different sports disciplines.
The document explains that the taxpayer may acquire sports promotion certificates from duly recognized sports federations and associations, up to 1% of their taxable income in a fiscal period, which will be applied as a tax credit on the income tax. income caused to be paid in said fiscal period.
Sports entities that receive a donation of real estate are required to build a facility to carry out sporting events or related activities, with a minimum investment in improvements up to B/.30 000.00 and start the works within the following twelve months.
