Panama published Law 122 of 31 December 2019 in the Official Gazette on 2 January 2020, which extends the income tax incentives introduced by Law 80 of 2012 to 31 December 2025 for qualifying companies and hotels (was set to expire 31 December 2019). The incentives include, among others, customs duties exemptions on materials and equipment for the construction of tourist lodgings, a 15-year real estate tax exemption, and a 15-year income tax exemption on income from tourist activities. Further to extending the incentives, Law 122 also provides a 100% tax credit for investments made in tourism companies by both...