Finance Ministry income projections off by 24,9%
Panama’s outgoing Finance Ministry (MEF) came up $526 million or 24.9% short in its projections of revenue in the first quarter of 2019.
It had budgeted that it would raise $2,112 billion in current revenues. but ended up with $1.585.9 billion.
The Ministry pointed out that the fall is explained by the fact that in the first quarter of each year the income tax corresponding to the results of the previous year is paid and it was 2018 was a year of an economic slowdown.
Questioned about the effect that the results would have on the spending capacity of the incoming administration, the MEF said that a higher income is expected for the coming months.
