They approve in second debate bill that establishes the suspension of the collection of taxes on fuel consumption

The plenary session of the National Assembly of Panama returned this Wednesday to a second debate the discussion of bill 808, which in the first instance established a temporary suspension in the collection and collection of the tax on the consumption of fuel and petroleum derivatives in order to carry out improvements to the content, and after adding and deleting some articles, it was moved to a third debate.

In the explanatory memorandum the project indicates that the war between Russia and Ukraine has generated negative economic consequences in the stock markets, as well as has affected the areas of production and distribution of electricity, gas, food production , and in the cost of oil and all its derivatives.

Given this, the countries that import oil and its derivatives, such as Panama, will be seriously affected and harmed, since prices have increased drastically, which will undoubtedly affect the cost of all the goods and services that are sold and provided in our country.

The project indicates that this affectation will harm Panamanian industry and commerce, discouraging them since consumption will decrease, due to the hard blow to consumers, which will ultimately affect the gross domestic product (GDP) and will bring an increase in inflation, which according to official figures is at 2.6%, according to data from the National Institute of Statistics and Census (INEC) of the Comptroller General of the Republic.

Among the changes suggested to this project, the modification of article 2, 3, 4, 6 was requested; the elimination of article 1, 5; and the addition of a new article 2. In addition, the modification of the title of the project was requested, thus remaining that creates the trust for the compensation, reduction and stabilization of the increase in the price of petroleum products”.

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