Paper work moving for new duty free shopping area

A DECREE listing the products  that may be sold in a new duty free shopping area in Colon city has been published.

The theory is that it will be operational by year end before the year end.

But the Customs Authority has a period of 60 days to upload the products into its tariff control system.

Once that is done, the duty free zone will be operational, at least from the standpoint of regulators reports La Prensa

But much work remains to be done  to make the area  attractive for investors to locate businesses there.

So far, two companies have registered for tax benefits offered to investors.

 One of these is Nevada, which sells health and beauty products .

It has rented space and is expected to start  remodeling  the property.

Minister of Trade Augusto Arosemena said that other items that can be sold are household appliances, technology, clothing, footwear, jewelry, furniture and cosmetics. Liquor, cigarettes and food were excluded.

Foreigners can shop tax free while residents of Panama must pay a 7 percent sales tax.