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Aprueban derogación de cambios fiscales establecidos en la Ley No. 120

La Prensa

8/1/2014 12:46 PM

The plenary of the National Assembly approved today on third debate the draft law which repeals controversial articles of the tax reforms passed late last year.

The proposal was endorsed unanimously by both the government and opposition.

The modification to the tax law would have extended liability for all Panama residents to any income earned outside the country. This would have negatively impacted Panama’s financial services sector.

These tax changes were initiatives of National Authority of Public Revenue Director Luis Cucalón, who last week announced, via his Twitter account, that the reforms were a mistake.

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