Panamanian Government Collects More Than $1.5 Billion in Taxes During First Quarter 2012

Panamanian Government Collects More Than $1.5 Billion in Taxes During First Quarter 2012

Monday, April 16 2012 @ 02:07 PM COT
Contributed by: Don Winner
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Current revenues of the government of Panama during the first quarter of 2012 reached $1.549 billion dollars, an increase of $294 million dollars (23.4%) over the same period last year, officials said. Income earned in the first three months of this year were the result of “outstanding performance” in tax revenue, said Vice Minister of Finance (MEF), Mahesh Khemlani, at a press conference. Khemlani said of the total amount collected, $1.326 billion came from income taxes, some $213.7 million dollars from non-tax revenues, and $9.6 million from other income streams, which he did not specify.
He noted that although the revenue in the first quarter of 2012 exceeded by $73.6 million dollars the amount budgeted for this period, it could not be said yet that at the end of the year, the figures would exceed the $6 billion dollars total expected to be obtained in revenue. In that sense, Khemlani said there are several factors affecting the collection, so it is much wiser to give a follow up to the sectors were the revenue is obtained in order to meet budget expectations this year.

He noted that during the first quarter of 2012, direct taxes totaled $770.8 million dollars, representing an increase of $261 million (51%) compared to the same period in 2011. He said that as far as indirect taxes $555.4 million dollars were raised, an increase of $10.2 million (2%), with respect to the amount budgeted. Khemlani said that for the rest of the year they anticipate a strengthening of tax collection from the Transfer of Property and Services (ITBMS) because as of March came into effect the mandatory adoption of fiscal equipment in the commercial sector, as the primary means of billing.

Finally, he reported that tax receipts during March totaled $721 million dollars, exceeding the budgeted amount of $156.8 million (27.8%) and an increase of $231.4 million dollars ( 47.2%) compared to income of March 2011. The Panamanian economy grew by 10.5% of gross domestic product (GDP), the largest in the region, and the government estimates that this year will maintain the positive trend. (Panama America)

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