Panama to eliminate gambling winnings tax
The Panamanian gambling authority Junta de Control de Juegos (JCJ) has proposed to eliminate a current 5.5 % tax on gambling winnings, in an attempt to lure foreign gamblers to the country, Panamá América reports. The measure would help the hospitality and tourism industries in the territory.
"This tax was imposed during the prior administration and taxable incomes includes gambling winnings from bingo halls, casinos, slot machines, and sports betting," explained Manuel Sánchez, Head of JCJ, a Ministry of Economy agency.
Moreover, Sánchez announced that JCJ will introduce an electronic interconnected system to help to control operators and raise the industry’s proceeds in a modern and efficient manner. The number of auditors will also be increased, Sánchez said, because the lack of personnel has also lead to lower revenue numbers.
"We will raise proceeds and promote responsible gambling. These measures will help as boost this industry and, thus reinvigorate the country’s economy, Sánchez concluded.
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