ANNOUNCEMENT 28 Jun 2018
The Secretariat for Central American Economic Integration Process approved the adoption by Panama of the common import tariffs set on oils and fats.
NUMBER OF INTERVENTIONS
SIECA. Resolución 399-2018 (COMIECO LXXXIII). Available at: http://web-sieca.s3.amazonaws.com/direccion-juridica/COMIECO/RESOLUCIONES/399-2018/RES%20399-2018%20COMIECO-LXXXIII.pdf?AWSAccessKeyId=AKIAI4MYHTF3E4G6TJAQ&Expires=1532973428&Signature=pZ%2Bk9U0AHS5wcvpYQEhBw7vhXcM%3D
SIECA. Anexo 399-2018 (COMIECO LXXXIII). Available at: http://web-sieca.s3.amazonaws.com/direccion-juridica/COMIECO/RESOLUCIONES/399-2018/Anexo%20399%20Res.%20Adopci%C3%B3n%20PA%20Arancel%20Grasas%20y%20Aceites%20280618.pdf?AWSAccessKeyId=AKIAI4MYHTF3E4G6TJAQ&Expires=1532973449&Signature=%2FlkA%2FcjUNK9yIqIoMOts2lZSask%3D
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.
Resolution 399-2018 adopted by the COMIECO on 28 June 2018, also led to the increase of the import duties of Panama set on certain oils and fats. Particularly, the increased affected 14 ten-digits tariff lines.
The new import duties have been set at 5%, 10% and 15% depending on the product whereas according to the WTO tariff database, previous duties were set at 0%, 5% and 10%.
The adoption of the new import duties will be implemented gradually and the import tariff increase will enter into force on 1 January 2019 and on 1 January 2022.