According to the MEF preliminary report, the first quarter of 2022 showed good news for the Central Government

PANAMA - Report 13 Apr 2022 by Marco Fernandez and Alex Diamond

The recently published preliminary MEF report on total revenues showed positive signs in most items. Through March, accumulated current revenues were 6.5% above budget and 28.8% above last year's figures. Tax revenues increased 6.7% vis-a-vis the budget and 33.4% compared with 2021. Non-tax revenues, an essential source of funds for the government (mainly, but not only, the Panama Canal transfers), increased 10.1% compared to the budget and 18.3% compared to 2021.

In general, the March figures were above both the budget and last year's performance. Analysts close to these issues suggest that more efficient administration by the DGI and the benefits of the moratoria of the previous year account for the more than one hundred percent increase in corporate tax revenues in Q1 compared with 2021. Still, the tax revenue/GDP ratio remains comparatively low.

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