Panama No Tax No Trouble

Published Friday, February 20, 2009 - Online-Casinos.com

Panama is the only country in Latin America with specific regulations governing Internet gambling. Panama's services economy has benefited greatly from the countries online gambling regulations. Attracting online gambling entrepreneurs and all the resulting spinoffs from remote hosting. Panama's legislation regarding Internet commerce and online gambling is some of the best on the planet.

Panama has systematically directed its fiscal policy towards becoming a tax-exempt, offshore jurisdiction. Panama has brought about rules that have been adopted for e-commerce in the region. August 2001 was when Panama became the first nation in Central America to adopt a law specific to e-commerce. The National Directorate of Electronic Commerce is in place to control and administer the laws governing all e-commerce transactions and activities.

Internet businesses are exempt from contributions, duties, or import fees and just about everything else including income tax and national direct tax on capital. Even dividends and interests from stocks are free from taxation.

Beginning in 1916 upon approval of its first Fiscal Code, only operations carried out within the country's borders are taxable. Money may be freely transferred in or out of Panama The Online Gaming Act has created a tax free state for online gambling entrepreneurs to come, invest and establish their operations.

Close proximity to large U.S. urban centres, a well oiled infrastructure plus manpower gives Panama a real cost saving advantage for U.S.operators. One of the best communications systems in the world rivaling Los Angeles or New York, and a total of five fiber optic networks to feed its critical data bases in the urban hubs makes Panama look like a very attractive place for the online gambling operator. It seems almost to good to be true.

Related news

Return to Latest News