PANAMA: Benefits for Cruises
Panama's Ministry of Commerce and Industries has issued Executive Decree No. 274, which establishes incentives for cruise ships which adopt the Republic of Panama as their home port.
The tourist promotion benefit entails the reimbursement of the toll paid for transiting the Panama Canal, for each operation carried out by the cruise line with a home port in Panama, according to the official rate set by the Panama Canal Authority.
The reimbursement will be made by the Tourism Authority of Panama, according to the date of operation of the cruise, provided that the shipping lines proves that 80% of the passengers on board are foreign nationals. The benefits will be as follows:
For operations in the remainder of 2020 and during 2021, a refund of 100% of the toll payment will be recognized.
For operations during the year 2022, a refund of 90% of the toll payment will be recognized.
For operations during the year 2023, a refund of 80% of the toll payment will be recognized.
For operations during the year 2024, a refund of 70% of the toll payment will be recognized.
The Executive Decree became effective on November 11, 2020.
Please do not hesitate to contact our Shipping Department if you require further information. info@pmalawyers.com