On 18 September 2017, Panama's National Assembly approved legislation for the reduction of property tax rates, as well as certain other property tax changes. For commercial property, industrial property, and non-primary residences, the progressive rates up to 2.1% based on the value of the property are reduced to the following: 0.00% on the taxable amount up to PAB 30,000; 0.60% on the taxable amount over PAB 30,000 up to 250,000; 0.80% on the taxable amount over PAB 250,000.00 up to 500,000; and 1.00% on the taxable amount over PAB 500,000. For primary family residences, the legislation provides for a top...