Panama Abolishes Gaming Tax to Boost Tourism
The Panama Gaming Regulatory Board (JCJ) has declared it will abolish the 5.5% levy on all wagering profits, encompassing the initial stake, which was implemented by the prior administration in 2015.
The regulatory body stated the action will stimulate the nation’s tourism sector and attract a greater number of international gamblers.
Furthermore, the JCJ declared it will introduce a novel electronic auditing system and recruit additional auditors to manage tax collection more effectively.
JCJ Secretary Manuel Sanchez remarked: “We will enhance revenue and encourage responsible gaming. This and other initiatives will contribute to ensuring this activity has a positive influence on the country’s financial standing.”
The tax had garnered criticism from the nation’s gambling sector, with the Chamber of Commerce and Industry of Panama (CCIAP) requesting the president to reject the legislation when it was proposed.
The JCJ unveiled that in the initial eight months of 2019, PAB50.8m (£41.1m/€46.3m/$50.
Gaming tax income has dropped to eight million, a significant decrease of 33.2 percent compared to the same time period in 2018, when it was 76.1 million.
Sanchez had a meeting with Luis Calvo Reyes, leader of Mexico’s gaming regulator Juegos y Sorteos, last week to discuss gaming regulations in both nations, including taxes. This is important information.
Sign up for the iGaming newsletter.
