OECD proposes modernizing Panama’s tax system to foster economic development
15 abril 2019

 

The Organization for Economic Cooperation and Development (OECD) recently launched the Multidimensional Study of Panama (MDCR) volume 3, which proposes actions in various sectors of the country to promote development and recommends public policies to tackle inequality. Along these lines, the report emphasizes that “a more effective and efficient tax system would help improve income redistribution and provide stable long-term resources to finance social and productive policies”. Since there are presidential and legislative elections in Panama on May 5, the OECD expects the next government to implement the proposals of the Multilevel Study.

Within the 65 pages of the study, the OECD proposes “to continue the development of electronic invoicing to promote tax compliance by combating fraud and tax evasion”. In this regard, the report calls for stronger incentives for companies, such as in the form of job training.

“Panama should adopt and implement new rules for public-private partnerships backed by solid regulatory and institutional frameworks,” the agency suggests. For its part, the OECD urges efforts to “finance public investments in physical and digital infrastructure technology and social spending in the development of human capital”, both nationally and internationally.

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