Port Duty Free Law of Colon will boost economic and commercial activity in the province of Colon

Editorial Lifestyle Press Releases

With the implementation of the new system will allow the exemption of selective tax payment and transfer tax of movable tangible property and the provision of services for purchases for a total thousand dollars every six months cumulative for each Panamanian over 18 years within a family, while foreigners can do so unlimitedly.

The President of the Republic, Juan Carlos Varela, on Monday sanctioned the law that modifies and optimizes the benefits of Law 29 of 1992 that created the Special System of Puerto Libre for the province of Colon (SEPLC).

Through Colon Puerto Libre the economy is being strengthened and with the enactment of the law in the morning of today, the purchases made here in the perimeter of the 16 streets of this city will be exempt from the payment of the ITBMS and the Selective Tax to Consumption, explained the President. "I am sure that the economy of this province will be reactivated soon, private investments will begin to be felt in the city, generating jobs and improving the economic condition of its inhabitants," he said.

Colon Puerto Libre was launched in June 2017, but through the new law enacted on November 5, it seeks to achieve greater impact for merchants and buyers. The law is signed by the Minister of Economy, Eyda Varela de Chinchilla.

The rule excludes from the collection of ITBMS nationals and residents of Panama who make purchases in the 16 streets of the city of Colon, including Colon 2,000, also establishes the granting of tax credits as an incentive to strengthen commercial investment in the center of the city.  

With the implementation of the new system will allow the exemption of selective tax payment and transfer tax of movable tangible property and the provision of services for purchases for a total thousand dollars every six months cumulative for each Panamanian over 18 years within a family, while foreigners can do so unlimitedly.