Panama's National Assembly has approved draft bill 708 in the first reading. The draft bill provides for the increase of the individual income tax brackets, which would be the first adjustment to the brackets since 2010. Subject to final approval, the brackets would be increased as follows:

• up to PAB (USD) 18,000 – 0%
• over PAB (USD) 18,000 up to 75,000 – 15%
• over PAB (USD) 75,000 – 25%

The …