Tax revenues up but short of projections

PANAMA STATE tax  revenues between January and September 2015 were fractionally  up on the same period last  year, but lower than projections.

Revenue totaled $4.5 billion, an increase of 0.8 percent from 2014.

Officials are concerned that the growth in the economy, expected to be 6 percent this year, has not translated into higher state revenues.

Officials with the Ministry of Economy and Finance say that revenue should grow at the same pace as the economy.

Tax revenues, the main source of government income, totaled about $3.6 billion, which represents an increase of $8.6 million in relation to the previous year. But this represents a shortfall of $347 million from projections. Non-tax revenue was about $900 million, or 5.2 percent more than last year.