Property tax withholding begins in January 2019

 
816Views 1Comments Posted 05/12/2018

Beginning in January, Decree 362, (withholding of property tax)   will be charged by banks or financial entities where the clients have mortgages.

Any person who has a mortgage on a property, other than family property or personal housing, the real estate tax will be charged by the entity that lent the money and not the Directorate General of Revenues (DGI).

"That mortgage does not correspond to a family heritage residence, that is, the first home one has. Everything else has to pay the tax and the institutions have to withhold it, "says economist, Adolfo Quintero.

The properties that are financed through banks, entities, cooperatives or institutions that grant financing to purchase homes or real estate will charge the tax.



Comments 1

user
Randy Bland

What about properties that have the property tax exemption? How will the bank know which homes are exempt?

4 months ago
The comments are the responsibility of each author who freely expresses his opinion and not that of Newsroom Panama.
Please enter a valid email.
Please enter username.
Please, enter a valid message.
Please validate that it is not a robot.