Import of products of the basic basket without tariff and will present repeal of laws of tourist incentives

The Cabinet Council, meeting in an extraordinary session this Monday, empowered the Minister of Commerce and Industries, Federico Alfaro, to present the bill to the National Assembly
12-22, which repeals Law 314 of June 20, 2022 and Law 122 of December 31, 2019, which modifies Law 80 of 2012 and which dictates incentive regulations for the promotion of tourist activity.

This decision follows the recent announcement by President Laurentino Cortizo Cohen in Penonomé, Coclé province.

Minister Alfaro explained that the project, which only contains two articles, is of public order, of social interest and has retroactive effects.

The council of ministers also approved Cabinet Decree 12-22, which eliminates the import tariff from a list of products agreed upon at the Single Dialogue Table for Panama.

Among the products are: corn flakes, cones, flakes and analogs; toilet paper, compresses, sanitary pads or sanitary towels, sanitary tampons or any type of material; as well as oils and other products.

This decree will have an extendable validity of six months and does not include the exemption from the payment of the tax on the transfer of movable tangible assets and the provision of services (ITBMS).

According to statistics from the National Customs Authority, the Panamanian State, between July 2021 and July 2022, reported fiscal income for B/.17,610,917.00 in the collection of import duties for these products.

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