Amendment to Howard law a positive step

June 22, 2009

El Panamá América

Bill 483, which extends tax exemptions for certain types of businesses in the Panama Pacifico Special Economic Zone (Área Especial Económica Panamá Pacífico or AEEPP), is a positive step. So says local businessman Lenin Sucre, who adds that the bill is a move toward the efficient development of the AEEPP commercial zone. Says Sucre, the initiative to modify Law 41 of 2004 was presented by the National Assembly Trade Commission.

Law 41 was originally proposed in 2004 by the then legislator of the Arraijan district (which encompasses Panama Pacifico). The law served to create the AEEPP and regulate operations in the area. It also lays out special legal, fiscal, customs, labor, and migratory incentives.