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Lombardi Aguilar Group Partner Delivers Statement on Changes to Panama Tax Code
Attorney Alvaro Aguilar-Alfu delivered statement on behalf of American Chamber of Commerce of Panama before Panama Legislature
By: Lombardi Aguilar Group
The public hearing examined Bill 509 "Which modifies articles of the Tax Code related to property tax and other provisions,"
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
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-
The firm centers its law practice in private client services and asset protection (Private Interest Foundations, Trusts), business structures (Offshore Corporations)
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.