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Go Beyond: Our Commercial Mission in Panama
As a partner of Tax, I had the amazing opportunity to travel to Panama for a commercial mission. In collaboration with Puerto Rico’s Department of Economic Development and Commerce, a selected group of local leaders visited Panama to create commercial alliances that can result in the expansion of businesses within both markets.
For almost a week, we got to meet up with key businesses and leaders of the Panamanian market to share knowledge, experiences, and network with this LATAM country.
On my part, I presented a complete framework about Puerto Rico’s current tax incentives and the opportunities it represents for foreign businesses looking to expand into new markets. Along with José César, from GT Panama, we discussed some growth strategies for businesses.
One of the main takeaways from the island’s fiscal jurisdiction is that our economy has been driven by the manufacturing industry for the past 70 years. Consequently, there are many legislations focused on tax exemption for this industry as it continues transforming the island’s industrial economy.
Puerto Rico's fiscal jurisdiction also offers unique advantages to individuals and businesses seeking favorable tax conditions. As a U.S. territory, Puerto Rico maintains its own tax system separate from the mainland. This jurisdiction provides an attractive environment for businesses in industries like manufacturing, export services, and technology, aiming to leverage from our incentives to stimulate growth and investment on the island. Additionally, individuals can enjoy tax breaks on capital gains, interest, and dividends, making Puerto Rico an appealing destination for those seeking to optimize their financial situation.
For me, this #KevaneTravel was a golden opportunity to connect with the LatAm market and to learn more about their economic landscape. As I return to Puerto Rico, I feel inspired and eager to continue learning from the global markets we visit.
Panama, thank you for receiving me on such an insightful commercial mission!
If you’re interested in learning more about Puerto Rico’s tax landscape, you can download my complete presentation below.
Omar Mues, CPA
Partner of Tax
T: (787)754-1915
E: omar.mues@pr.gt.com
