Sunday, December 5, 2021

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Deduc it, Americans

Friday, May 4, 2012

Americans who attend a convention in Panama can deduct the cost of participating, as well as of travel and other expenses.

The deduction also applies to entertainment and recreation activities, which are related to the taxpayer’s business, or which occur immediately before or after a convention or conference.

The new rules are expected to enhance Panama’s attraction as a destination for business tourism, given its geographical proximity to the United States, as well as a number of convenient air connections between the two countries.

Panama is the only Central American country, which offers business visitors this type of tax treatment.

In the hemisphere, only the Bahamas has a similar arrangement with the United States.