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Interview

OBG talks to Roberto Roy, Minister for Canal Affairs, and CEO, Metro de Panamá
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Interview:Roberto Roy How much of Panama City’s $1m-a-day congestion cost will Metro Line 1 recoup? ROBERTO ROY: While congestion has been a growing concern for years, it has been exacerbated by massive construction and development. We have tried to ease the burden caused by the ongoing construction of the Metro by working closely with stakeholders. For example, any shop owner who is adversely…
Interview

OBG talks to Leopoldo Benedetti, General Manager, Colón Free Trade Zone
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Interview:Leopoldo Benedetti What opportunities do Panama’s new free trade agreements (FTAs) offer the retail sector? LEOPOLDO BENEDETTI: Panama is naturally a commercially oriented economy for several reasons. First, we do not have strong industry, because of our lack of skilled workers and raw materials, and the high price of energy. Second, our geographic position plus our canal made Panama…
Interview

OBG talks to Rafael Barcenas, Director-General, Civil Aviation Authority
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Interview:Rafael Barcenas What return do you expect from government investment in regional airport capacity? RAFAEL BARCENAS: It is difficult to quantify the eventual results at this stage. However, the rationale for each airport is solid. When developing a new airport, you don’t expect to reach peak capacity until 10 years down the road. David, for example, is the second-largest city in…
Viewpoint

Søren Skou, CEO, Maersk Line, on expansion and new opportunities
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Efficient infrastructure is a key component to the creation of long-term growth and prosperity. When transport costs and time are reduced, goods and food can be produced where quality is high and labour costs low. Competitive local businesses can grow and consumers around the world can enjoy fresher foods and varied goods at lower prices. Last but not least, the amount of fresh food wasted due to inefficient…
Viewpoint

Carlos Karamañites, Partner, KPMG Panama, on tax developments
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The government has been very active in the tax arena, proposing more than 10 tax bills between 2009 and 2013. These tax reforms and amendments have covered direct and indirect taxation. Corporate tax rates were reduced, while indirect taxes have been increased. Still, Panama has one of the lowest value-added tax rates in the region (7%). Tax revenue has risen from $2.3bn in 2009 to $5bn in 2013. The…
Viewpoint

Francisco González-Ruiz, Partner, Icaza, González-Ruiz & Alemán, on Panama’s evolving legal landscape
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Panama’s territory of 75,420 sq km is a comparatively small area of land, with a population of a little under 4m people. However, the country has experienced and contributed to key events that have and will continue to shape global trade. Just 24 years ago Panama began a period of intense change, following the end of the authoritarian regime that ruled the country for two decades. Some of the most…
Chapter

The Report: Panama 2014: The Guide
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In addition to an article on the expanding domestic film industry in Panama, this chapter contains useful tips for business and leisure travellers, including hotel listings and contact information for ministries, embassies and more.…
Chapter

The Report: Panama 2014: Legal Framework
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Recent economic, social and infrastructure developments have brought along changes in key legislation. This chapter provides an overview of current legal changes, highlighting areas such as business licences and employment contracts, as well as intellectual property protections and rules and regulations for maritime firms and vessels. In addition, it features a viewpoint from Francisco González-Ruiz,…
Chapter

The Report: Panama 2014: Tax
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The tax chapter provides an overview of the Panamanian tax regime, highlighting accounting and reporting procedures as well as the main types of taxies levied. This chapter also provides a look at international agreements and the establishment process for various types of firms, and features an interview with Carlos Karamañites, Partner, KPMG Panama.…