Lombardi Aguilar Group Partner Delivers Statement on Changes to Panama Tax Code

PANAMA CITY - Aug. 25, 2017 - PRLog -- Lombardi Aguilar Group Partner Alvaro Aguilar-Alfu provided testimony on the changes to the Tax Code at a public hearing before the Panama National Assembly's Committee on Economy and Finance.   Aguilar acted on behalf of the American Chamber of Commerce and Industry of Panama (Amcham Panama).

The public hearing examined Bill 509 "Which modifies articles of the Tax Code related to property tax and other provisions," and was open to organizations and individuals to provide statements on the issue.   At least 156 organizations signed up to submit statements on the bill before the Committee on Economy and Finance chaired by Honorable Assemblywoman Dana Castañeda.  Mr Aguilar was accompanied by Lombardi Aguilar Group Partner Jorge Lombardi-Dutari.

Aguilar's testimony, conveyed the recommendations of Amcham's Board of Directors that the Tax Code changes not affect current foreign investments in Panama. Aguilar outlined changes to the Tax Code in Bill 509 which affected current incentives to free trade zones, the Panama Pacifico export zone, tourism, airports, electricity generation, construction and real estate.  Some of these changes may affect the stability of investments and infringe on Bilateral Invertment Protection Treaties and Free Trade Agreements ratified by Panama. Amcham supports the government initiative of exemptions for the main homestead (in Spanish Patrimonio Familiar Tributario) but recommends not restricting their granting only to families under the Family Code and lowering tax rates to those similar in the region.

To read Aguilar's complete testimony, please go to bit.ly/2xxnoKg

Mr. Aguilar is a graduate of Universidad Santa Maria la Antigua (LLB) and Washington College of Law at The American University (LLM). Mr. Aguilar also serves as Chairman of the AmCham Panama Trade & Investment Committee, which provides a friendly forum for information exchange and collaboration between the public and private sector, strengthening relationships with key groups of stakeholders in the region, including the National Government, embassies and other private-sector organizations.

Dr. Lombardi is a graduate of Universidad Santa Maria la Antigua (LLB).  He is earned a Diplôme supérieur d'université (troisième cycle), Droit Civil, Obligations,at University of Paris, 1997, and a Diplôme d'études doctorales, at University of Paris 2000, mention très bien.   Both partners have 20 years of business law experience on behalf of local, European and U.S. companies and family groups doing business in Latin America.  He is also member of the Board of Directors of the German-Panamanian Chamber of Commerce.

About The American Chamber of Commerce & Industry of Panama (AmCham Panama)

Founded in 1979, AMCHAM Panama http://www.panamcham.com is a non-profit, non-political, independent, voluntary association supported primarily by its members.  Much of the organization's work is accomplished through the efforts of volunteer member committees which collaborate to help AMCHAM promote free enterprise in Panama. AmCham Panama has over 450 active members, from small local companies to major multinational companies based in the United States.


About Lombardi Aguilar Group (LAG)
Lombardi Aguilar Group is a partnership of consultants created as an alternative for clients worldwide who seek fast, innovative and effective solutions to their legal problems. The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia and is part of the Prae Legal network of 252 independently-owned law firms in 141 countries worldwide. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the Alliance Francaise, the German and the American Chambers of Commerce (AMCHAM) of Panama, and the Association of Chinese-Panamanian Professionals (APROCHIPA).
The firm centers its law practice in private client services and asset protection (Private Interest Foundations, Trusts), business structures (Offshore Corporations), tax planning, real estate and e-commerce. It also advices in areas of Law such as Corporate, Commercial, Intellectual Property, Maritime, Tax, Environmental, Life Sciences and Immigration Law as well as related litigation.
For more information, contact +507 3406444, e-mail info (at) laglex.com, or see: Lombardi Aguilar Group www. laglex. com

Keyword: International consulting firm, Tax, Foreign Trade, Foreign Investment, Free Trade Zones, Real Estate.