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Panama tax man thumps top Central American families over Multiplaza Pacific

Thursday, December 22, 2011

Panama's Multiplaza Pacific shopping mall has been dealt a severe blow by Panama's tax man. The mall is owned by three of Central America's most powerful families, the Robles of El Salvador and the Motta and Harari families of Panama.

Panama's Finance ministry reviewed the value of the mall's real estate and found that it was worth $231 million, though it had previously been estimated at $13 million.

From now on, Multiplaza Pacific will have to pay $2.3 million a year in rates, on the basis of 1 percent of its value. Previously, it was paying $113,000 a year.

Original source (in Spanish): Panamá América