Realtor agents dodge taxes

PANAMÁ. Government revenue fell nearly $59 million in the first half of the year according to figures provided by National Controller Carlos Vallarino.

Revenue during the first six months was $2.7 billion, which represents 58.6 million less than the same period last year and Real Estate agencies came under fire for actions leading to the shortfall. To correct this situation, Minister of Economy and Finance (MEF) Alberto Vallarino confirmed that members of the government will meet with representatives of the National Economic Council (CENA) to discuss a series of measures that will increase tributary collection on companies, a measure that has seemingly been dodged by some businesses in recent months.

“There should be no conflict of interest in the regulation of the country versus private investments,” said the Minister, warning that the belt has been tightened on the private sector, specifically company owners and real estate agencies.

“In spite of moving thousands of dollars annually, real estate insurance agents have chosen to protect their own interests by not declaring the Movable Goods Transfer Tax as well as the Service Benefit Tax,” said Vallarino.

The Minister further accused some real estate insurance agents of being those “who evade building taxes by assigning unreal values to certain properties, as well as subdividing property documents under one area in order to avoid multiple payments.”