Crackdown on tax dodgers boosts revenue.

IMPROVEMENTS in tax collection and a crackdown on tax evasion has boosted government tax revenue well above the budgeted amount in the first half of the year.

Tax revenue increased 14.3 percent in the first half of the year over the same period in 2015, according to a preliminary report released Tuesday July 12 by Panama’s Ministry of Economy and Finance.

In the first six months, the Revenue Department collected $2.7 billion, $335 million more than in the first half of 2015.

This collection of tax revenues is also $21.2 million above the budgeted amount.

Revenue Director Publius Cortés said that the increase is due to improvements in tax collection and a crackdown on tax evasion.

He mentioned, for example, the implementation of a regime that changed the collection of the ITBMS tax that entered into force last February as having a positive impact, reports La Prensa.