Bill to modernize Panama Customs Authority is introduced in Panama

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  • Tue, 07/24/2018 - 18:53

The Ministry of Economy and Finance of Panama (MED) introduced before the National Assembley (Parliment – AN) today a bill to restructure and modernize the National Customs Authority (ANA), informed an official source.

The Minister in charge of Economy and Finance, Gustavo Valderrama, introduced before the AN the Draft Law that reorganizes the Customs Authority and adapts the customs regulations to the international framework adopted by Panama, said a statement from the MEF.

The purpose of the Bill is to establish a legal instrument that allows the ANA to be restructured and modernized.

The initiative proposes to create a Board of Directors, reorganizes the functions of the director of the Customs Authority and creates the Center for Customs Training and Foreign Trade.

The proposal will simplify procedures and represent savings for the State.

In addition, it proposes to reinforce coercive measures for customs violations with penalties of $ 250 up to a fine equivalent to one time the value of unpaid taxes the first time, and with a fine equivalent to twice the value of unpaid taxes if reoffened for tax infractions.

It facilitates a greater collection in any of the instances that sanction the crimes of customs fraud and contraband.

"The most important thing is that the measure promotes the objective of facilitating trade through greater transparency and administrative efficiency, which will benefit the economy in general and the private agents of the logistics sector in particular," said Minister Valderrama.

The National Customs Authority plays a key role in the development of the international logistics sector, which represents 25 percent of gross domestic product (GDP), according to official information.

Source- EFE

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