Bills report a shortfall of $444.9 million

The current government revenue they have been negative since last January, and in June the outlook worsened.

Tax collections did not reach the planned goal in any month of the first half of the year, and they do not even reach last year’s levels.

Last report on Ministry of Economy and Finance (MPEG) reveal that current revenue accumulated through June 2023 has reached $3,256 million, representing a shortfall of $444.9 million compared to the state’s general budget.

Even the collected figure is lower than the income that was given in June last year. That is, a decrease of 100.4 million dollars compared to the first half of last year.

It should be noted that tax revenues make up 78% of total current revenues. In this line, collections stood at USD 2,547.2 million as of June, a shortfall of B/.345.5 million compared to the budget.

The report reflects that, compared to last year, tax revenues fell by $139.1 million.

On the other hand, direct taxes reflect a deficit of 10% compared to what was planned and a decrease of USD 89.8 million compared to the previous year.’

9.9%

is the level of unemployment in Panama, according to Mitradel’s data.

60%

By that time, informal employment had appeared in this Central American country.

Tax behavior in Panama, by the numbers

“According to the behavior of indirect taxes, compared to the budget law, they resulted in a deficit of 14.6 percent. Compared to the same period of the previous year, they recorded a decrease of 49.4 million dollars”, commented the MEF.

In the part of non-tax revenues, there is a deficit of 7.9% compared to the legal budget.

Accumulated non-tax revenues in profit shares and contributions showed a surplus of 31.7%. Also, they represent an increase of 31.2% compared to the previous year, points out from UPCG.