Panama to Cancel Tax on Gambling Winnings
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 AsociaciĂłn 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.