Panama: Informal Sector of the Economy Decreases

In 2006 there were 957.017 insured people and Panama in 2011, the number exceeded 1,2 million, indicating that the informal sector of the economy has declined.

Tuesday, July 10, 2012

From a press release from the Ministry of Economy and Finance:

According to the publication "Panama in Figures", from the National Institute of Statistics and Census, in 2006 in Panama had 957.017 registered for social security and for 2011, the number exceeded 1,2 million, indicating that the informal sector of the economy has declined . This is a great reference for estimating the level of formality of the economy, because as people are insured, their working relationship and commercial operations are formalized, said the Director of Economic and Social Analysis at the Ministry of Economy and Finance, Roger Alvarado.

Alvarado said that this can be quantified and seen when traveling on busy public roads in the city, because there are fewer vendors at traffic lights, a situation that was different in previous years when there were greater numbers of such merchants. This phenomenon also occurs in areas surrounding the capital city and the rest of the country's urban areas, it is more difficult now to find people to clean the gardens or homes. This is easy to verify in newspaper’s classifieds sections.

More on this topic

Guatemala: Tax to Regulate Informal Economy

February 2014

The Executive has proposed that individuals and business organizations that operate informally pay a single tribute of $20 a year.  

The Guatemalan vice president, Roxana Baldetti proposed formalizing the informal economy through payment of a single annual tax of $20 which would apply to micro, small and medium enterprises operating in this segment of the economy.

Guatemala: Informal Economy Tax Discarded

February 2014

Among other criticisms it has been noted that the tax would encourage established companies to move towards informality.

The executive has rejected the proposal that individuals and organizations who operate informally pay a $20 annual tax, which was intended to expand the tax base.

El Salvador: Taxes on Informal Sector

August 2010

The Chamber of Commerce and Industry has requested that the new taxes proposed by the Treasury be discussed.

The bill proposed by the Salvadoran Treasury, the "Tax Simplification Law", proposes special charging mechanisms aimed at micro-companies and the informal sector.

The Importance of Economic Statistics

June 2012

The National Institute of Statistics and Census in Panama has not been publishing on time vital economic indicators needed for planning and making business decisions.

According to an article in Capital.com.pa "on review of the National Institute of Statistics and Census (INEC)’s website, you can see that the Main Economic Indicators 2012, only contain information on the performance of various sectors of the economy in March, even though we are now in June. "

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