ANNOUNCED AS TEMPORARYNo
On 28 June 2018, the Secretariat for Central American Economic Integration Process (i.e COMIECO by its Spanish acronym) adopted Resolution 399-2018 allowing Panama to adopt the Common Import Tariff on oils and fats. The adoption of the new duties led to the reduction of the import tariffs on 21 tariff lines.
The new import duties have been set at 0%, 5%, 10% and 15% depending on the product. According to the WTO tariff database, previous duties ranged between 5% and 1667%.
The adoption of the new import duties will be implemented gradually starting on 1 January 2019 and finishing on 1 January 2029.
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