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Panama free trade zone hit by tax haven list

Monday, October 13, 2014

Panama's inclusion in Colombia's list of tax havens will have a negative effect on its Colón free trade zone.

Under the rules of tax havens, companies that import from the zone are required to pay an additional 33 percent on their duties, adding to their operating costs, said Severo Sousa, president of the logistics business council.

"With Panama becoming more expensive, it affects competitiveness, so clients will prefer buying directly from the U.S. or China instead of importing from Colón," he added.

Source (in Spanish): Panamá América