Sergio de la Torre, The Minister of Economy announced that now "Iprima can come into effect".
The official version, according Prensalibre.com, reads: "The Iprima was created with decree 10-2012, Tax Update Act to replace the import tariffs on vehicles, and the Ministry of Finance argues that the Iprima will eliminate discretion and gives legal certainty in order to define the basis for calculating the tax. "
However, importers of used vehicles announce the introduction of a constitutional challenge, because, says Nelson Elliott, executive director of the Union of Importers of used vehicles, this new tax will squeeze out used car imports.
The Iprima decree establishes the limitations on import vehicles. Subsection c) prohibits the entry of vehicles that are damaged and prohibits their circulation.
The Iprima taxes at rates ranging from 5% to 20% ground vehicles imported into the country, or those assembled in the national territory. Freight transport, with maximum load greater than 2.5 tonnes, tank vehicles, refrigerator trucks and garbage collectors are taxed at 10%, as opposed to the 5% paid currently.
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An authorization by the Council of Ministers of Economic Integration for the duty free imports will be in force until December 31, 2012.
From resolution 286-2012 by the Council of Ministers of Economic Integration (COMIECO):
1. That in accordance with Article 38 of the Protocol to the General Treaty of Central American Economic Integration Protocol of Guatemala, as amended by the amendment of February 22, 2002, and 6, 7 and 22 of the Convention on the Tariff and Customs Regime it is the responsibility exclusive of this forum, to direct and administer the Tariff and Customs Regime as well as approve and amend the Import Tariff Rights contained in the Central American Import Tariff;
Temporarily, until June 30 2013, the Government has removed the 10% tariff on imports of wheat flour.
The decree passed by the Legislature will take effect once it has been published in the Diario Oficial.
"With this temporary measure, the Government intends to" minimize the impact from international price developments" in the wheat flour market, which has affected supply and prices.
8.000 metric tons of yellow corn will enter the country duty free.
Due to shortages, a Ministerial Decree N 028-2011 establishes an import quota of yellow corn shortage equivalent to 8,000 metric tons, classified under tariff item 1005.90.20.00 of the Central American Tariff System (SAC), which will apply a tariff to import (DAI) of zero percent, 0%.
The trade agreement between the two countries will have been in operation for ten years in 2013, and now all tariffs will be removed.
The trade agreement between the two countries will have been in operation for ten years this year in 2013, a date when according to the text, all negotiated products will reach a tariff reduction to zero, which will provide greater benefits to Panamanian products entering the Asian market.