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 taxabl…