Chamber of Commerce calls for tax easing

 The Panama Chamber of Commerce, (Cciap) proposed to the Government to consider a “temporary recalibration of tax burdens” of companies and individuals, exploring tax exemption mechanisms during the next 18 months, due to the hard blow that companies have received.

According to the union, this could allow the business sector to absorb the impact of the decrease in activity and adjustment of the business model, and for “natural persons” to have temporary relief from their tax burden.

Regarding local commerce, the Cciap points out that the government can consider the implementation of sales days without ITBMS accompanied by discounts from businesses, in a program to encourage consumption.

But it would be under a “scheduled strategy”, so that no crowds are generated, suggested the chamber.

Another initiative to reduce inventories, allowing the reactivation of businesses, is the elimination of the selective consumption tax on limited quantities of high-value products to encourage their rotation, the union said.

“The current crisis leads us to face the situation from three fronts in comprehensive health, economy, and social welfare. Once again, we call on everyone equally not only to follow biosecurity measures but to redouble protection and distancing, ”the Chamber said in a statement.

According to recent figures released, between April and June, gross domestic product (GDP) plummeted 38.4%, after the economy generated $ 6.484 billion,

Personal services, commerce, construction, hotels, restaurants, business services, manufacturing industry, electricity, education, and financial intermediation are the activities most affected by the respiratory virus.

The biggest falls were reported in the construction sector, with 92%; hotels, 79.2%; personal services, 76.5%; real estate sector, 51%; exploitation of mines and quarries, 53%.