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Panama to Cancel Tax on Gambling Winnings

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6 years ago

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Panama to Cancel Tax on Gambling Winnings
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Panama is planning to cancel the tax on gambling winnings to attract more tourists.

The head of gambling regulatory agency Junta de Control de Juegos (JCJ) said that the Ministry of Economy and Finance will scrap the 5.5% tax on gambling winnings. This includes the withdrawals or conversion of chips backs into cash.

Manuel Sanchez Ortega, JCJ secretary, said that if the country was to eliminate income tax on gambling, the tourism industry will improve.

The Asociación de Administradores de Juegos de Azar (ASAJA) gambling industry body already tried to reduce the income tax. They believe that tax reduction will attract not only tourists but gamblers from neighbouring countries too.

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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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